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The inventory of the Roseburg Sand and Gravel Company on June 30 shows 1000 tons at $9 per ton A physical inventory on July 31 shows a total of 1200 tons on hand Revenue from sales of gravel for

The inventory of the Roseburg Sand and Gravel Company on June 30 shows 1,000 tons at $9 per ton. A physical inventory on July 31 shows a total of 1,200 tons on hand. Revenue from sales of gravel for July totals $102,000. The following purchases were made during July: July 8 .......... 5,000 tons @ $10 per ton July 13 ......... 1,000 tons @ $11 per ton July 22 ......... 800 tons @ $12 per ton 1. Compute the inventory cost as of July 31 using (a) LIFO, and (b) FIFO. 2. Compute the gross profit using each method.

Apr 10 2020 View more View Less

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