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Business, 19.11.2019 02:31 chaaaa

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?

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