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Use the following information for questions 10-13. ACCO Industries had the following inventory transactions during 2021: purchase units cost / unit 1/2/21 18 $45 14/3/21
Use the following information for questions 10-13.
ACCO Industries had the following inventory transactions during 2021:
purchase units cost / unit
1/2/21 18 $45
14/3/21 31 $47
1/5/21 22 $49
The company sold 51 units for $ 63 each and has a tax rate of 30%
- Assuming a periodic inventory system is used, what is the gross value of the business? profit using LIFO?
- Assuming a periodic inventory system is used, what is the after-tax cost of the business? income using LIFO
- Assuming a periodic inventory system is used, what is the gross value of the emo? profit using FIFO
- Assuming a periodic inventory system is used, what is the after-tax cost of the business? revenue using FIFO
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