Greencastle, Inc. reports the following information in its annual report:
Sales for 2016 totaled $12,800,000. Cost of goods sold under LIFO totaled $7,400,000.
Compute Greencastle's cost of goods sold and gross profit, assuming it uses the FIFO method.

Question

Greencastle, Inc. reports the following information in its annual report:
  Sales for 2016 totaled $12,800,000. Cost of goods sold under LIFO totaled $7,400,000.
Compute Greencastle's cost of goods sold and gross profit, assuming it uses the FIFO method.

Quizplus · Accepted Answer

The Answer of Greencastle, Inc. reports the following information in its annual report:
  Sales for 2016 totaled $12,800,000. Cost of goods sold under LIFO totaled $7,400,000.
Compute Greencastle's cost of goods sold and gross profit, assuming it uses the FIFO method.