accounting question 7

User Generated

xfhtenq2013

Business Finance

Description

i am stuck on the following problem. here is a pic of the problem

http://imgur.com/qkYKjlG

please include how you got the answer, include all work, it will help with future problems

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Explanation & Answer

           Parker Company    

                                                                                                                                                                      

 Under LIFO method, purchase of February was sold.

Sale price in March                                                  $40

Less cost of February purchase                               20

The amount of gross margin would be                    $20



Anonymous
Really helpful material, saved me a great deal of time.

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