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

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

mamie smith recorded the first commercially successful example of the urban blues,   with the recording of “crazy blues”."crazy blues" was recorded on august 10, 1920, in new york city. within a month of the release of “crazy blues” it had sold 75,000 copies.