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Consider the following record of inventories for Love Your Assets Inc. Year 1: bough 7 units for $25 each; sold 5 units. Year 2: bought
Consider the following record of inventories for Love Your Assets Inc. Year 1: bough 7 units for $25 each; sold 5 units. Year 2: bought 7 units for $27 each; sold 5 units. Year 3: bought 8 units for $30 each; sold 7 units. Year 4: bought 1 unit for $32 each; sold 5 units. Assume the company uses LIFO and the periodic inventory system. In addition, the marginal tax rate is 21%
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