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The company''s return on assets

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Reference no: EM13873038

The Habicht Company was formed in 2009 to produce a single product. The production and sales for the next four years were as follows: 

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Required:
1. Determine the gross profit for each year under each of the following periodic inventory methods:
a. FIFO
b. LIFO
c. Average cost (round unit costs to 3 decimal places)

2. Explain whether the company's return on assets (net income divided by average total assets, as we discussed in Chapter 6) would be higher under FIFO or LIFO. 

Reference no: EM13873038

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