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Johnstone Co. uses the periodic inventory system. The following information about their inventory of Model ZZ Mountain Bicycles is available. During the year, 235 bicycles were sold at a price of $1,500 each. Other operating costs equaled $80,000 and their tax rate is 30%. Round final answers to the nearest dollar. What was ending inventory and cost of goods sold on 12/31 under the LIFO cost flow assumption?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9434326

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