Assume we bought an identical item at 3 different prices as follows: March 1--$100...
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Accounting
Assume we bought an identical item at 3 different prices as follows:
March 1--$100
April 1--$108
May 1--$113
Now assume we sold this item for $135
Find the gross profit assuming we used the following inventory valuation methods. Also, assume we sold the April 1 item when using Specific Identification. _________Specific Identification, __________FIFO, __________LIFO, and __________Weighted Average.
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