Esquire Incorporated uses the LIFO method to report its inventory. Inventory at the beginning of...
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Esquire Incorporated uses the LIFO method to report its inventory. Inventory at the beginning of the year was $682,000 (31,000 units at $22 each). During the year, 102,000 units were purchased, all at the same price of $26 per unit. 111,000 units were sold during the year. Assuming an income tax rate of 25%, what is LIFO liquidation profit or loss that the company would report in a disclosure note accompanying its financial statements
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