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Unformatted text preview: orders Correct Marks for this submission: 1/1. Question 4 Marks: 1 The Green Company reported merchandise inventory at LIFO of $450,000 on the year-end financial statements. The company also reported a LIFO reserve of $34,000. An estimate of the inventory balance if the inventory had been reported using the FIFO assumption is Choose one answer. a. $382,000. b. $416,000. c. $461,000. d. $484,000. Correct Marks for this submission: 1/1. Question 5 Marks: 1 The Wilson Corporation reported at the end of the year a LIFO reserve of $25,000. The beginning LIFO reserve was $20,000. The cost of goods sold was $197,500 under LIFO. The cost of goods sold under FIFO should be Choose one answer. a. $192,500. b. $197,500. c. $202,500. d. $222,500. Incorrect Marks for this submission: 0/1....
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- Spring '11
- Accounting, lifo reserve, Green Company