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Swifty Company's inventory records show the following data: Unit Units Cost Inventory, January 1 9700 $8.80 Purchases: June 18 8900 9.00 November 8 5800

Swifty Company's inventory records show the following data: Unit Units Cost Inventory, January 1 9700 $8.80 Purchases: June 18 8900 9.00 November 8 5800 6.00 A physical inventory on December 31 shows 3700 units on hand. Swifty sells the units for $13 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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