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Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2016 with $85,000 in inventory of its
Hazelton Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2016 with $85,000 in inventory of its only product. The beginning inventory consisted of the following layers:
5,300 units at $6 per unit | $ | 31,800 | ||
7,600 units at $7 per unit | 53,200 | |||
Total | $ | 85,000 | ||
During 2016, 7,300 units were purchased at $8 per unit and during 2017, 9,600 units were purchased at $9 per unit. Sales, in units, were 9,600 and 17,200 during 2016 and 2017, respectively. |
NEEDED...
1. CALCULATE COST OF GOODS SOLD FOR 2016 & 2017
2016...?
2017...?
2. LIFO--LIQUIDATION BEFORE TAX
2016...?
2017...?
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