The LIFO liquidation overstated normal gross profit, accounting homework help


Question Description

Swifty Corporation had 590 units of “Dink” in its inventory at a cost of $11 each. It purchased 890 more units of “Dink” at a cost of $17 each. Swifty then sold 1120 units at a selling price of $28 each. The LIFO liquidation overstated normal gross profit by





Tutor Answer

School: Purdue University

the answer is b=1380...under LIFO, the last to be bought inventory is sold ...

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