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The management of Tinker Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2014, the accounting records show these data. Inventory, January 1 (10,000 units) $ 35,000 Cost of 120,000 units purchased 471,790 Selling price of 97,600 units sold 749,800 Operating expenses 126,000 Units purchased consisted of 35,500 units at $3.70 on May 10; 60,100 units at $4.00 on August 15; and 24,400 units at $4.10 on November 20. Income taxes are 30%.

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91976460

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