HH Company uses LIFO. HH disclosed that if FIFO had been used, inventory at the end of 2021 would have been $20 million lower than the difference between LIFO and FIFO at the end of 2020. Please assume HH has a 25% income tax rate: Help me find the reported cost of goods sold and whether it would have been higher with LIFO or FIFO

Its reported cost of goods sold for 2021 would have been $20 million higher if it had used FIFO rather than LIFO for its financial statements. And tax rate is irrelevant because at the time of income or loss we consider tax and tax don't relate to the cost of goods sold.

FIFO (“First-In, First-Out”) assumes that the oldest products in an employer's inventory had been offered first and are going with the aid of the one's production expenses. The LIFO (“closing-In, First-Out”) method assumes that the maximum current merchandise in a business enterprise's inventory has been sold first and makes use of the one's fees instead.

Find merchandise with the soonest fine before or use by means of dates. put off objects which might be past these dates or are damaged. area items with the soonest dates on the front. stock new objects at the back of the front stock; people with modern-day dates have to be on the back.

Learn more about FIFO here https://brainly.com/question/11493725

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