The income statement can be defined as: Income – Expenses ...

FIFO Gross Margin. Sales revenue (880 units sold x $40 selling price) $35,200 Less: FIFO cost of goods sold 13,850 Gross profit $21,350 LIFO Gross Margin Sales revenue (880 units sold x $40 selling price) $35,200 Less: LIFO cost of goods sold 14,600 Gross profit $20,600 Exercise 5-4 (15 minutes) a. ................
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