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Swifty Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 November 8 Units Unit Cost 10400 $9.40 9.00 9200 5900

Swifty Company's inventory records show the following data: Inventory: January 1 Purchases: June 18 November 8 Units Unit Cost 10400 $9.40 9.00 9200 5900 6.00 A physical inventory on December 31 shows 3900 units on hand. Swifty sells the units for $12 each. The company has an effective tax rate of 20%. Swifty uses the periodic inventory method. What is the difference in taxes if LIFO rather than FIFO is used?

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To find the difference in taxes if LIFO LastIn FirstOut rather than FIFO FirstIn FirstOut is used we first need to calculate the cost of goods sold CO... blur-text-image

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