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?

Question

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?

Quizplus · Accepted Answer

The Answer of 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?

The Following Information Comes from the 2011 American Greetings Corporation