Assume that one unit is sold on july 31 for 272 determine, Accounting Basics

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Assume that one unit is sold on july 31 for 272 determine

Three identical units of Item K113 are purchased during July, as shown below.

		Item K113	Units	Cost
July	9	Purchase	1	155
	17	Purchase	1	178
	26	Purchase	1	181

Assume that one unit is sold on July 31 for $272. Determine the gross profit for July using the last-in,first-out (LIFO) method.

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Accounting Basics: Assume that one unit is sold on july 31 for 272 determine

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Accounting Basics: Assume that one unit is sold on july 31 for 272 determine

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