Black corporation uses the fifo method for internal reporting purposes and lifo for external reporting purposes. the balance in the lifo reserve account at the end of 2020 was $280,000. the balance in the same account at the end of 2021 is $420,000. black’s cost of goods sold account has a balance of $2,100,000 from sales transactions recorded during the year. what amount should black report as cost of goods sold in the 2021 income statement?

Cost of goods sold in the 2021 income statement = $2,240,000

Explanation:

Cost of goods sold in the 2021 income statement = Cost of goods sold account balance from sales trnsaction recorded + ending balance in LIFO Reserve account - Begining balance in LIFO Reserve account

Cost of goods sold in the 2021 income statement = $2,100,000 + $420,000 - $280,000

Cost of goods sold in the 2021 income statement = $2,240,000

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