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Concord Corporation had 690 units of Tank in its inventory at a cost of $8 each. It purchased 870 more units of Tank at a
Concord Corporation had 690 units of "Tank" in its inventory at a cost of $8 each. It purchased 870 more units of Tank" at a cost of $11 each. Concord then sold 1040 units at a selling price of $19 each. The LIFO liquidation overstated normal gross profit by $540. O $-0- O $510. $1050
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