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What is the cost of sales on a lifo basis

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Problem 1: A company has a LIFO stock value of R9 000 at the beginning of the year and R12 000 at the end of the year. The sales figure is R80 000 and gross profit is R30 000. The LIFO reserve at the end of the year is R500. The LIFO reserve at the end of the previous year was R400. What is the cost of sales on a LIFO basis?

a) R49 900
b) R130 000
c) R50 000
d) R50 100

Reference no: EM132757795

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