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The gross profit rate would be
Question 22
Financial information is presented below:
Operating expenses $ 54000
Sales returns and allowances 5000
Sales discounts
5000
Sales revenue 206000
Cost of goods sold 109000
Gross Profit would be
$102000.
$92000.
$97000.
$87000
Question 23
The LIFO inventory method assumes that the cost of the latest
units purchased are
not allocated to cost of goods sold or ending invento