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Venus Wholesale Company started carrying a new product in December Purchases and sales of this product during the month were: December 20 Purchased 280 units
Venus Wholesale Company started carrying a new product in December Purchases and sales of this product during the month were: December 20 Purchased 280 units at $90 per unit. December 26 Sold 275 units. December 28 Purchased 200 units at $108 per unit. At year-end, Venus restates the carrying value of its inventory using periodic LIFO costing procedures. Under periodic costing procedures, the UFO cost of the inventory is Mimple Choice $22000 527,440 $300 $28,840
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