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Assume That Three Identical Units of Merchandise Were Purchased During

Question 34

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Assume that three identical units of merchandise were purchased during October, as follows: Assume that three identical units of merchandise were purchased during October, as follows: Assume one unit is sold on October 31 for $28. Determine cost of goods sold, gross profit, and ending inventory under the LIFO method. Assume one unit is sold on October 31 for $28. Determine cost of goods sold, gross profit, and ending inventory under the LIFO method.

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