Sheridan Company had 590 units of "Tonkin its inventory at a cost of $7 each....
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Accounting
Sheridan Company had 590 units of "Tonkin its inventory at a cost of $7 each. It purchased 840 more units of "Tank' at a cost of $10 each Sheridan then sold 1120 units at a selling price of $17 each. The LIFO liquidation overstated normal gross profit by
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