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Sheffield Corp. had 450 units of Tank in its inventory at a cost of $4 each. It purchased, for $2850, 310 more units of Tank.

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Sheffield Corp. had 450 units of Tank in its inventory at a cost of $4 each. It purchased, for $2850, 310 more units of Tank. Sheffield then sold 380 units at a selling price of $10 each, resulting in a gross profit of $1475. The cost flow assumption used by Sheffield cannot be determined from the information given. is LIFO. is weighted average. is FIFO

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