Complete by Shortcut Method: 43.81 × 1,000

question 121

Short Answer

Complete by shortcut method: 43.81 × 1,000

---

Definitions:

Cost of Goods Sold

Costs incurred directly from the production process of goods a company offers for sale.

Accounts Receivable

Money owed to a business by its clients or customers for goods or services delivered but not yet paid for.

LIFO Reserve

The difference between the cost of inventory calculated using the Last-In, First-Out (LIFO) method and the cost calculated using the First-In, First-Out (FIFO) method.

FIFO Costing

First-In, First-Out, an inventory valuation method that assumes that the first items placed in inventory are the first sold.