单选题

At the end of 2007, Decatur Corporation reported last-in, first-out (LIFO) inventory of $20 million, cost of goods sold (COGS) of $64 million, and inventory purchases of $58 million. If the LIFO reserve was $6 million at the end of 2006 and $16 million at the end of 2007, compute first-in, first-out (FIFO) inventory at the end of 2007 and FIFO COGS for the year ended 2007.（）

【正确答案】 B

【答案解析】

2007 FIFO inventory was $36 million ($20 million LIFO inventory+$16 million reserve). 2007 FIFO COGS was $54 million ($64 million LIFO COGS-$10 million increase in LIFO reserve).