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The management ofNational Inc.asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records

The management ofNational Inc.asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data.

Inventory, January 1 (10,000units)$35,000 Cost of120,000units purchased468,500Selling price of98,000units sold750,000Operating expenses124,000

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