Solution-What would be Johns cost of goods sold under FIFO

What would be Johns cost of goods sold under FIFO

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Reference no: EM133138675

Question - John Company uses the LIFO cost flow assumption. According to its notes to the financial statement, its ending inventory for the past 2 years is as follows, both using LIFO and if it had used FIFO.

LIFO : FIFO

End of 2018: $1,800 : $2050

End of 2019: $1756 : $ 1940

If John's cost of goods sold using LIFO was $28,900 in the year 2019, what would be Johns's cost of goods sold under FIFO?

Reference no: EM133138675

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What would be Johns cost of goods sold under FIFO

Reference no: EM133138675

Reference no: EM133138675

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