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The cost of inventory at the beginning and end of the calendar year was $25,000 and $40,000, respectively, using Fifo and the resulting net profit
The cost of inventory at the beginning and end of the calendar year was $25,000 and $40,000, respectively, using Fifo and the resulting net profit under the method was $70,000. If the Lifo method had been used the beginning and ending inventory would have been $17,000 and $41,000 respectively, what would have been the reported profit?
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