Cmn inc. uses lifo and has experienced increasing costs since its founding. cmn disclosed that the lifo reserve (also known as the lifo allowance) at the end of 2018 was $3 million. the balance sheet showed ending inventory of $17 million at the end of 2018. what would the ending inventory have been if cmn had always used fifo? multiple choicea. $20 million. b. $17 million. c. $14 million. d. none of these answer choices are correct.

$20 million

Explanation:

The computation of the ending inventory if FIFO is used

= LIFO reserve + Ending inventory based on LIFO inventory

= $3 million + $17 million

= $20 million

We simply added the LIFO reserve and LIFO ending inventory so that FIFO ending inventory can be computed. Hence, we take all the items for the computation part.

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