The Sky Corporation reported at the end of the year a LIFO reserve of $25,000. The beginning LIFO reserve was $20,000. The cost of goods sold was $197,500 under LIFO. The cost of goods sold under FIFO should be

the cost of goods sold under FIFO is $192,500

Explanation:

The computation of the cost of goods sold under FIFO is shown below:

= cost of goods sold under LIFO - (end of year LIFO reserve- beginning LIFO reserve)

=  $197,500 - ($25,000 - $20,000)

= $197,500 - $5,000

= $192,500

Hence, the cost of goods sold under FIFO is $192,500

We simply applied the above formula so that the correct value could come

And, the same is to be considered

a progressive tax is a tax that imposes a lower tax rate on low-income earners compared to those with a higher income, making it based on the taxpayer's ability to pay. that means it takes a bigger percentage from high income earners than it does from low income people.

the answer is b. the events might happen and are based on crimes.