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Determine the gross profit under the lifo

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Reference no: EM13512592

Determine the gross profit under the (a) LIFO and (b) FIFO assumptions, given the following information:

Sales

$40,000

Goods available for sale

12,000

Ending Inventory (under LIFO)

6,500

Ending Inventory (under FIFO)

3,500

 

Reference no: EM13512592

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