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Question - Refer to the following table:
January 1 inventory balance
90 units at $10 per unit
March 2 purchase
50 units at $11 per unit
July 8 purchase
80 units at $10 per unit
November 15 purchase
30 units at $12 per unit
December 31 inventory balance
75 units
Assume that all goods are sold throughout the year for $19 per unit. What would the gross profit be if calculated under the periodic LIFO?
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