Black Corporation Uses the FIFO Method for Internal Reporting Purposes

question 90

Multiple Choice

Black Corporation uses the FIFO method for internal reporting purposes and LIFO for external reporting purposes. The balance in the LIFO Reserve account at the end of 2014 was $140,000. The balance in the same account at the end of 2015 is $210,000. Black's Cost of Goods Sold account has a balance of $1,050,000 from sales transactions recorded during the year. What amount should Black report as Cost of Goods Sold in the 2015 income statement?

• A) $ 980,000.
• B) $1,050,000.
• C) $1,120,000.
• D) $1,260,000.

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Definitions:

Gifted

Individuals, often children, who demonstrate outstanding levels of aptitude or competence in one or more domains.

Sibling Rivalry

Competition, jealousy, and conflict among brothers and sisters which may involve striving for parental attention, love, or approval.

Illness

A condition of poor health perceived or experienced by an individual, often characterized by disease, dysfunction, or disorder.

Warmth And Optimism

Characteristics associated with a positive outlook on life and a friendly, kind disposition toward others.