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Farnsworth, Inc

Question 37

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Farnsworth, Inc., reports the following information in its annual report:
Farnsworth, Inc., reports the following information in its annual report: Sales for 2019 totaled $4,200,000. Cost of goods sold under LIFO totaled $1,850,000. Compute Farnsworth's cost of goods sold and gross profit assuming it uses the FIFO method.
Sales for 2019 totaled $4,200,000. Cost of goods sold under LIFO totaled $1,850,000. Compute Farnsworth's cost of goods sold and gross profit assuming it uses the FIFO method.

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