Brown 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 2007 was $60,000. The balance in the same account at the end of 2008 is $90,000. Brown s Cost of Goods Sold account has a balance of $450,000 from sales transactions recorded during the year. What amount should Brown report as Cost of Goods Sold in the 2008 income statement?

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Brown 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 2007 was $60,000. The balance in the same account at the end of 2008 is $90,000. Brown s Cost of Goods Sold account has a balance of $450,000 from sales transactions recorded during the year. What amount should Brown report as Cost of Goods Sold in the 2008 income statement? A) $540,000. B) $480,000. C) $420,000. D) $450,000.

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