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Company X has 2000 units of old inventory that was made for $5 a unit....

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Accounting

Company X has 2000 units of old inventory that was made for $5 a unit. This year, 1000 more units were made for $7 a unit, then 500 more units at $10 a unit, and then 500 more units at $12 a unit.

This year, that company sold 3000 units for $20 a unit.

Under LIFO and FIFO, respectively, what was Gross Profit for this year?

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