Business, 02.09.2021 23:50 bullockarwen
The Reuschel Company began 2021 with inventory of 26,000 units at a cost of $9 per unit. During 2021, 66,000 units were purchased for $10.25 each. Sales for the year totaled 78,000 units leaving 14,000 units on hand at the end of 2021. Reuschel uses a periodic inventory system and the LIFO inventory cost method. Required: 1. Calculate cost of goods sold for 2021. 2. Calculate the effect of the use of LIFO on Income.
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The Reuschel Company began 2021 with inventory of 26,000 units at a cost of $9 per unit. During 2021...
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