Suppose a Jones store in Dearborne, Missouri, ended May 2021 with 800,000 units of merchandise...
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Suppose a Jones store in Dearborne, Missouri, ended May 2021 with 800,000 units of merchandise that cost $11 each. Suppose the store then sold 70,000 units for $360,000 during June. Further, assume the store made two large purchases during June as follows: (Click the icon to view the purchase information.) Read the requirements. Requirement 1. Calculate the store's gross profit under both FIFO and LIFO at June 30 Data table Requirements 1. Calculate the store's gross profit under both FIFO and LIFO at June 30 . 2. What caused the FIFO and LIFO gross profit figures to differ
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