Sletten Industries uses the last-in, first-out (LIFO) method of accounting for the inventories of its single product.

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Sletten Industries uses the last-in, first-out (LIFO) method of accounting for the inventories of its single product. For fiscal year 2017, the company reported sales revenue of \($200\) million and cost of goods sold of \($135\) million. The following table was reported in the financial statement footnotes.

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If Sletten Industries had used FIFO to account for its inventory, its 2017 gross profit would be

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Financial Accounting

ISBN: 9781618531650

5th Edition

Authors: Michelle Hanlon, Robert Magee, Glenn Pfeiffer, Thomas Dyckman

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