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Q. Given the below information, what is the dollar amount that the LIFO liquidation added to gross margin?
Number of Units
Price per Unit
Beginning inventory
10
1
Purchases
12
3
Sales
15
Ending inventory
7
Surplus Stores Ltd is a company which frequently buy goods in large quantities and makes alterations to the goods before selling. At 31 Dec 2000 the following items were included i
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