Leggett and Platt reported total inventory of $519.6 million on their 2016 balance sheet along with a LIFO reserve of $33.8 million.
What would the company have reported on its balance sheet for inventory if it had used the FIFO method of accounting for inventory?

Question

Leggett and Platt reported total inventory of $519.6 million on their 2016 balance sheet along with a LIFO reserve of $33.8 million. 
What would the company have reported on its balance sheet for inventory if it had used the FIFO method of accounting for inventory?

Quizplus · Accepted Answer

The Answer of Leggett and Platt reported total inventory of $519.6 million on their 2016 balance sheet along with a LIFO reserve of $33.8 million. 
What would the company have reported on its balance sheet for inventory if it had used the FIFO method of accounting for inventory?

Leggett and Platt Reported Total Inventory of $519