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Suppose a Robak store in Ellington, Missouri, ended July 2021 with 550,000 units of merchandise that cost $6 each. Suppose the store then sold 100,000
Suppose a Robak store in Ellington, Missouri, ended July 2021 with 550,000 units of merchandise that cost $6 each. Suppose the store then sold 100,000 units for $630,000 during August. Further, assume the store made two large purchases during August as follows: (Click the icon to view the purchase information.) Read the requirements. Requirement 1. Calculate the store's gross profit under both FIFO and LIFO at August 31 . Data table
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