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Bonita Industries had 640 units of Tank in its inventory at a cost of $6 each. It purchased 880 more units of Tank at a

Bonita Industries had 640 units of “Tank” in its inventory at a cost of $6 each. It purchased 880 more units of “Tank” at a cost of $9 each. Bonita then sold 1070 units at a selling price of $15 each. The LIFO liquidation overstated normal gross profit by Bonita?

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