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Smith Company has the following information related to its inventory and sales volume for the most recent month: Beginning inventory 600 units @ $10 per
Smith Company has the following information related to its inventory and sales volume for the most recent month: Beginning inventory 600 units @ $10 per unit Purchases 400 units @ $8 per unit Sales for the month 500 units @ $20 per unit Assuming a 30% tax rate, Smith's net income for the month will be if it uses LIFO instead of FIFO. $800 higher $800 lower $560 higher O $560 lower
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