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Binder Company reported the following information for the year. Sales revenue 500 units at $50 per unit Beginning inventory 100 units at $30 per unit

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Binder Company reported the following information for the year. Sales revenue 500 units at $50 per unit Beginning inventory 100 units at $30 per unit Purchases 500 units at $40 per unit What is the gross profit using the LIFO method? 525.000 $20.000 $5.000 56.000

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