The Following Information Comes from the 2011 American Greetings Corporation

question 85

Essay

The following information comes from the 2011 American Greetings Corporation (AG) Corporation annual report to shareholders:
Inventories included the following ($ in thousands): Inventories are valued at the lower of cost or market, with cost being determined by the LIFO method for 80% of inventories. The cost of all other inventories is determined primarily by the FIFO method. AG's cost of goods sold for 2011 was $682,368 thousand.
Required:
If AG used only FIFO for all of its inventories instead of its current policy, what would its cost of goods sold have been for 2011?

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Definitions:

Advertising Campaign

A series of advertisement messages that share a single idea and theme which make up an integrated marketing communication (IMC).

Slogan

A short, memorable phrase used primarily in advertising or by political campaigns to convey an objective or ideal succinctly.

Categorical Proposition

An assertion that confirms or rejects a characteristic for every individual in a class.

Forms A, E, I, O

The four basic types of categorical propositions in traditional logic, distinguished by their quality (affirmative or negative) and quantity (universal or particular).