单选题
The Orchard Supply Company uses LIFO inventory valuation. Orchard Supply had a cost of goods sold of $1 million for the period. The inventory at the beginning of the period was $ 0.5 million and the inventory at the end of the period was $0.6. Orchard Supply's LIFO reserve was $0.1 million at the end of the previous year and $ 0.2 at the end of the current year. What is Orchard Supply's cost of goods sold according to FIFO inventory valuation?
【正确答案】
C
【答案解析】FIFO COGS = LIFO COGS -change in LIFO reserve
FIFO COGS = $1 million-$ 0.1 million=$ 0.9 million