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If Cost of Goods Sold Under FIFO Was $8,000 and Was

Question 194

Multiple Choice

If cost of goods sold under FIFO was $8,000 and was $10,000 under LIFO,assuming a tax rate of 40%,how much tax savings resulted from using LIFO?

A) There would be no tax savings.
B) $ 800
C) $ 1,200
D) $ 2,000

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