Smithson Corporation uses a periodic inventory system. The following information related to its merchandise...
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Accounting
Smithson Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August year 1 is available:
August 1 Inventory on hand--500 @$10.00
August 10 Purchase --200 @$12.00
August 12 Purchase --500 @ $15.00
August 28 Sale--800 @ $30.00
What is the gross profit percentage Smithson uses LIFO method?
A) 64.58%
B) 54.58%
C) 45.58%
D) 46.58%
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