AnsgarPharm is an American drug wholesale company. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO. The following information was included in a recent annual report: Inventories are comprised of the following ($ in millions): Inventories (under FIFO) Less: LIFO reserve Inventories (under LIFO) September 30, 2019 September 30, 2018 $ 13,428 (1,530) $ 11,898 $ 26,856 (1,702) $ 25,154 The company's income statements reported cost of goods sold of $149,098 million for the year ended September 30, 2019. Required: 1. Prepare the September 30, 2019, adjusting entry to record the cost of goods sold adjustment. 2 If AncgarPharm had usod FIFO to report its inventories what would cost of goods sold have boon for the year onded Soptombor

AnsgarPharm is an American drug wholesale company. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO. The following information was included in a recent annual report: Inventories are comprised of the following ($ in millions): Inventories (under FIFO) Less: LIFO reserve Inventories (under LIFO) September 30, 2019 September 30, 2018 $ 13,428 (1,530) $ 11,898 $ 26,856 (1,702) $ 25,154 The company's income statements reported cost of goods sold of $149,098 million for the year ended September 30, 2019. Required: 1. Prepare the September 30, 2019, adjusting entry to record the cost of goods sold adjustment. 2 If AncgarPharm had usod FIFO to report its inventories what would cost of goods sold have boon for the year onded Soptombor

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Description: Please do not give solution in image format thanku AnsgarPharm is an American drug wholesale company. The company uses the LIFO inventory method for external reporting butmaintains its internal records using FIFO. The following information was includ

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 21E: Grimstad Company uses FIFO for internal reporting purposes and LIFO for financial reporting and...

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AnsgarPharm is an American drug wholesale company. The company uses the LIFO inventory method for external reporting but maintains its internal records using FIFO. The following information was included in a recent annual report: Inventories are comprised of the following ($ in millions): September 30, 2019 September 30, 2018 $ 13,428 (1,530) $ 11,898 $ 26,856 (1,702) $ 25,154 Inventories (under FIFO) Less: LIFO reserve Inventories (under LIFO) The company's income statements reported cost $149,098 million for the year ended September 30, 2019. Required: 1. Prepare the September 30, 2019, adjusting entry to record the cost of goods sold adjustment. 2. If AnsgarPharm had used FIFO to report its inventories, what would cost of goods sold have been for the year ended September 30, 2019? Complete this question by entering your answers i Required 1 Required 2 Prepare the September 30, 2019, adjusting entry to reco sold adjustment. Note: If no entry is required for a transaction/event, sele…
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