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Category > Business & Finance Posted 05 Jun 2017 My Price 4.00

LIFO method

LIFO method

AAA Hardware uses the LIFO method to value its inventory. Inventory at the beginning of the year consisted of 10,000 units of the company’s one product. These units cost $15 each. During the year, 60,000 units were purchased at a cost of $18 each and 64,000 units were sold. Near the end of the fiscal year, management is considering the purchase of an additional 5,000 units at $18. What would be the effect of this purchase on income before income taxes? Would your answer be the same if the company used FIFO instead of LIFO?

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Alpha Geek
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Status NEW Posted 05 Jun 2017 03:06 PM My Price 4.00

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file 1496678263-Answer.docx preview (205 words )
L-----------IFO----------- me-----------tho-----------d -----------AAA----------- Ha-----------rdw-----------are----------- us-----------es -----------the----------- LI-----------FO -----------met-----------hod----------- to----------- va-----------lue----------- it-----------s i-----------nve-----------nto-----------ry.----------- In-----------ven-----------tor-----------y a-----------t t-----------he -----------beg-----------inn-----------ing----------- of----------- th-----------e y-----------ear----------- co-----------nsi-----------ste-----------d o-----------f 1-----------0,0-----------00 -----------uni-----------ts -----------of -----------the----------- co-----------mpa-----------nyâ-----------€™s----------- on-----------e p-----------rod-----------uct-----------. T-----------hes-----------e u-----------nit-----------s c-----------ost----------- $1-----------5 e-----------ach-----------. D-----------uri-----------ng -----------the----------- ye-----------ar,----------- 60-----------,00-----------0 u-----------nit-----------s w-----------ere----------- pu-----------rch-----------ase-----------d a-----------t a----------- co-----------st -----------of -----------$18----------- ea-----------ch -----------and----------- 64-----------,00-----------0 u-----------nit-----------s w-----------ere----------- so-----------ld.----------- Ne-----------ar -----------the----------- en-----------d o-----------f t-----------he -----------fis-----------cal----------- ye-----------ar,----------- ma-----------nag-----------eme-----------nt -----------is -----------con-----------sid-----------eri-----------ng -----------the----------- pu-----------rch-----------ase----------- of----------- an----------- ad-----------dit-----------ion-----------al -----------5,0-----------00 -----------uni-----------ts -----------at -----------$18-----------. W-----------hat----------- wo-----------uld----------- be----------- th-----------e e-----------ffe-----------ct -----------of -----------thi-----------s
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