Multiple Choice
Milford Company had 400 units of "Tank" in its inventory at a cost of $6 each. It purchased 600 more units of "Tank" at a cost of $9 each. Milford then sold 700 units at a selling price of $15 each. The LIFO liquidation overstated normal gross profit by
A) $ -0-
B) $300.
C) $600.
D) $900.
Correct Answer:
Verified
Correct Answer:
Verified
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