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What would be the value of cogs fifo

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Reference no: EM132503187

At December 31, Not So Strong reported the following inventories (in millions):

                                                2018                          2017

Raw materials                                    $39                    $35

Work-in-process                                   13                      12

Finished good                                         72                  63

Total inventories under FIFO                        124              110

LIFO adjustment                                      (23)                  (17)

Total inventories under LIFO                      $101                        $93

Question 1: Suppose during fiscal year 2018, Not So Strong's reported COGS LIFO of $214 million. If Not So Strong had instead used FIFO to value all inventories, what would be the value of COGS FIFO in 2018?

Reference no: EM132503187

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