Homework Answers
Periodic inventory method
Closing inventory = 15000 * $ 7 = $ 105000.
Cost of goods available for sale = ( 28000 * $ 7 ) + ( 68000 * $ 8.8 ) = $ 794400.
Cost of Goods sold = $ 794400 - $ 105000 = $ 689400.
The effect of the LIFO layer liquidation is to INCREASE income by 15000( 8.8 - 7 ) = $ 27000.
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Please do the required 1 and required 2 .
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