The formula to convert the cost of goods sold under LIFO to an estimate of the cost of goods sold under FIFO is: Cost of goods sold LIFO - increase in LIFO reserve = cost of goods sold FIFO.

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This is a correct formula for converting the cost of goods sold under LIFO to an estimate of the cost of goods sold under FIFO. It involves subtracting the increase in the LIFO reserve from the cost of goods sold under LIFO.

The Formula to Convert the Cost of Goods Sold Under