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The inventory of the Shenandoah Gravel Company on June 30 shows 1,000 tons at $9 per ton. A physical inventory on July 31 shows a
The inventory of the Shenandoah Gravel Company on June 30 shows 1,000 tons at $9 per ton. A physical inventory on July 31 shows a total of 1,100 tons on hand. Revenue from sales of gravel for July totals $102,000. The following purchases were made during July: July 8 5,000 tons @ $10 per ton July 13 1,000 tons @ $11 per ton July 22 900 tons @ $12 per ton 2. Compute the gross profit using the LIFO method and FIFO method
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