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# Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory The company began 2013 with inventory of 6800 units of its only product The beginning inventory

 Cansela Corporation uses a periodic inventory system and the LIFO method to value its inventory. The company began 2013 with inventory of 6,800 units of its only product. The beginning inventory balance of \$97,600 consisted of the following layers:

 2,800 units at \$12 per unit = \$ 33,600 4,000 units at \$16 per unit = 64,000 \$ 97,600

 During the three years 2013"?o2015 the cost of inventory remained constant at \$18 per unit. Unit purchases and sales during these years were as follows:

 Purchases Sales 2013 22,000 24,000 2014 29,000 31,000 2015 24,000 25,200

 Required:
1. Calculate cost of goods sold for 2013, 2014, and 2015.

 Cost of goods sold 2013 2014 2015

Disregarding income tax, determine the LIFO liquidation profit or loss, if any, for each of the three years.

 LIFO Liquidation 2013 2014 2015

May 14 2020 View more View Less