Page 15 - FINAL CFA I SLIDES JUNE 2019 DAY 8

Session Unit 8:

28. Inventories

Example: Converting ending inventory and COGS from LIFO to FIFO, p.188

Witz Company, which uses LIFO, reported end-of-year inventory balances of $500 in 20X5
and $700 in 20X6. The LIFO reserve was $200 for 20X5 and $300 for 20X6. COGS during

20X6 was $3,000. Convert 20X6 ending inventory and COGS to a FIFO basis.

tanties