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Dublin Company has a beginning inventory of $42,000 using LIFO.During the third quarter, theysell inventory which cost $120,000, or $32,000more than they purchased, thus eroding
Dublin Company has a beginning inventory of $42,000 using LIFO.During the third quarter, theysell inventory which cost $120,000, or $32,000more than they purchased, thus eroding away the inventory.They plan toreplace the inventory by year end at a cost of $37,500.
Prepare the cost of goods sold entry for the third quarter.
Dr. Cr.
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