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The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 22,000 units consisted of
The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 22,000 units consisted of the following, listed in chronological order of acquisition: 13.000 units at a cost of $8.00 per unit = $104.000 9.000 units at a cost of $9.00 per unit = 81.000 During 2016, inventory quantity declined by 12.000 units. All units purchased during 2016 cost $12.00 per unit Calculate the before-tax LIFO liquidation profit or loss that the company would report in a disclosure note assuming the amount determined is material
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