Business, 28.08.2020 14:01 callieroberts1699
The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one prod-uct. Beginning inventory of 20,000 units consisted of the following, listed in chronological order of acquisition:
12,000 units at a cost of $8.00 per unit = $96,000
8,000 units at a cost of $9.00 per unit = 72,000
During 2016, inventory quantity declined by 10,000 units. All units purchased during 2016 cost $12.00 per unit.
Required: Calculate the before-tax LIFO liquidation profit or loss that the company would report in a disclosure note, assum-ing the amount determined is material.
Answers: 3
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The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for it...
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