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Allen company uses LIFO for financial reporting purposes and FIFO for internal reporting purposes. Its LIFO reserve balance is $80,000 as of 12/31/2020 and $90,000 as of 12/31/2021. Its reported net income (LIFO) is $500,000 for fiscal year 2021 and Cost of Goods Sold for 2021 is 1,000,000. Assume tax rate is 40%, what would the companys 2021 net income and cost of goods sold be should the company used FIFO method?.

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Allen company uses LIFO for financial reporting purposes and FIFO for internal reporting purposes. Its LIFO reserve balance is $80,000 as of 12/31/2020 and $90,000 as of 12/31/2021. Its reported net income (LIFO) is $500,000 for fiscal year 2021 and Cost of Goods Sold for 2021 is 1,000,000. Assume tax rate is 40%, what would the companys 2021 net income and cost of goods sold be should the company used FIFO method?

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