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Question - Inventory data for Mason Concrete Products for the year ended December 31, 2021, are as follows:
Beginning inventory 50 units at $150 each
March 31 purchase 50 units at $155 each
Sales from January 1 to June 30 60 units
July 1 purchase 55 units at $160 each
Sales from July 1 to December 31 70 units
September 30 purchase 60 units at $170 each
Instructions - Compute the perpetual ending inventory balance on December 31, 2021, using FIFO.
Based on the information given above, what gain or loss on the retirement of bonds should be reported in the 2008 consolidated income statement
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