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Business, 04.04.2020 13:04 jessejames48
Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $950,000 (38,000 units at $25 each). During 2021, 116,000 units were purchased, all at the same price of $30 per unit. 120,000 units were sold during 2021. Assuming an income tax rate of 25%, what is LIFO liquidation profit or loss that the company would report in a disclosure note accompanying its financial statements?
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Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was $950,00...
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