Business, 21.05.2020 00:03 vannitling12p4w44f

Northern Creations Company imports and sells a product produced in Canada. In the summer of 2019, a natural disaster disrupted production, affecting its supply of product. Northern Creations Company uses the LIFO inventory method. On January 1, 2019, Northern Creations Company's inventory records were as follows: Year purchased Quantity (units) Cost per unit Total cost 2017 2,000 $160 $ 320,000 2018 5,000 $220 1,100,000 Total 7,000 $1,420,000 Through mid-December of 2019, purchases were limited to 8,000 units, because the cost had increased to $320 per unit. Northern Creations sold 14,200 units during 2019 at a price of $408 per unit, which significantly depleted its inventory. Northern Creations uses a periodic inventory system Assume that Northern Creations Company makes no further purchases during 2019. Compute Nature Creations Company's gross profit for 2019.

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Northern Creations Company imports and sells a product produced in Canada. In the summer of 2019, a...

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