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Camping? Gear, Inc. had 600 units of inventory on hand at the end of the year. These were recorded at a cost of? $17 each
Camping? Gear, Inc. had 600 units of inventory on hand at the end of the year. These were recorded at a cost of? $17 each using the
lastminus??in,
firstminus?out
?(LIFO) method. The current replacement cost is? $15 per unit. The selling price charged by Camping? Gear, Inc. for each finished product is? $23. As a result of recording the adjusting entry as per the
lowerminus?ofminus?costminus?orminus?market
?rule, the gross profit will? ________.
A.
decrease by? $1,200
B.
decrease by? $9,000
C.
increase by? $9,000
D.
increase by? $1,200
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