Walgreens Boots Alliance, Inc. reported inventories of $8,678 million and $6,076 million in its August 31, 2015, and August 31, 2014, balance sheets, respectively. Cost of goods sold for the year ended August 31, 2015, was $76,520 million. The company uses primarily the LIFO inventory method. A disclosure note reported that if FIFO had been used instead of LIFO, inventory would have been higher by $2,500 million and $2,300 million at the end of the August 31, 2015, and August 31, 2014, periods, respectively.

The question is missing requirement. In other words, the question is difficult to answer in its current state, as a result find the requirement below:

"Calculate cost of goods sold for the year ended August 31, 2015, assuming Walgreens used FIFO instead of LIFO. (Enter your answer in millions.) "

The answer to this question is $76,320

Explanation:

In arriving at the answer as given above, the approach is to use the formula for calculating costs of goods sold which is as follows:

Opening stock+Purchases-Closing stock

If we work backwards taking the costs of goods sold of $76250 as our purchases since we now have additional information on closing inventories at 31st August 2014 and 2015 respectively.

$

Opening inventory as given 2300

Costs of goods sold given 76520

(that needs adjustment)

Closing inventory (2500)

Adjusted costs of good sold $76320