The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for...
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The Churchill Corporation uses a periodic inventory system and the LIFO inventory cost method for its one product. Beginning inventory of 23,600 units consisted of the following listed in chronological order of acquisition 13,800 units at a cost of $700 per unit = $96,600 9,800 units at a cost of $8.00 per unit = 78.400 During 2021, inventory quantity declined by 13,600 units. All units purchased during 2021 cost $12.00 per unit Required: Calculate the before tax LIFO liquidation profit or loss that the company would report in a disclosure note, assuming the amount determined is material
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