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The board of directors of Ichiro Corporation is considering whether or not it should instruct the accounting department to shift from a first-in, first-out (FIFO)
The board of directors of Ichiro Corporation is considering whether or not it should instruct the accounting department to shift from a first-in, first-out (FIFO) basis of pricing inventories to a last-in, first-out (LIFO) basis. The following information is available. Sales 21,400 units @ $61 Inventory, January 1 6,330 units @ 24 Purchases 6,720 units @ 27 10,700 units @ 31 7,600 units @ 37 Inventory, December 31 9,950 units @ ? Operating expenses $244,800
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