Business, 01.12.2021 02:50 jmsmith1218

Inventory at January 1, 2021, was $960,000 (40,000 units at $24 each). During 2021, 120,000 units were purchased, all at the same price of $29 per unit. 122,000 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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Inventory at January 1, 2021, was $960,000 (40,000 units at $24 each). During 2021, 120,000 units we...

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