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fill in the blanks Inventory and cost of goods sold calculations made under the FIFO and LIFO methods of inventory valuation are presented below for
fill in the blanks Inventory and cost of goods sold calculations made under the FIFO and LIFO methods of inventory valuation are presented below for ABCCo. The company has a 30% tax rate. Assuming Sales for the company total $3,000,000, what is the difference in the amount of Gross Profit ABC Co. would report if it uses FIFO instead of LIFO? A Which inventory valuation method would report the higher gross profit referred to above? FIFO or LIFO? How much additional cash would be available to ABCC0 if they used LIFO instead of FIFO? A
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