Farnsworth, Inc., reports the following information in its annual report:

Sales for 2019 totaled $4,200,000. Cost of goods sold under LIFO totaled $1,850,000. Compute Farnsworth's cost of goods sold and gross profit assuming it uses the FIFO method.

Question

Farnsworth, Inc., reports the following information in its annual report:
 
 Sales for 2019 totaled $4,200,000. Cost of goods sold under LIFO totaled $1,850,000. Compute Farnsworth's cost of goods sold and gross profit assuming it uses the FIFO method.

Quizplus · Accepted Answer

The Answer of Farnsworth, Inc., reports the following information in its annual report:
 
 Sales for 2019 totaled $4,200,000. Cost of goods sold under LIFO totaled $1,850,000. Compute Farnsworth's cost of goods sold and gross profit assuming it uses the FIFO method.