Vaughn Company's inventory records show the following data: Unit Units Cost Inventory, January 1 10100 $9.40...

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Vaughn Company's inventory records show the following data: Unit Units Cost Inventory, January 1 10100 $9.40 Purchases: June 18 9400 8.00 November 8 6500 8.00 A physical inventory on December 31 shows 4300 units on hand. Vaughn sells the units for $14 each. The company has an effective tax rate of 22%. Vaughn uses the periodic inventory method. Under the LIFO method, cost of goods sold is Vaughn Company's inventory records show the following data: Unit Units Cost Inventory, January 1 10100 $9.40 Purchases: June 18 9400 8.00 November 8 6500 8.00 A physical inventory on December 31 shows 4300 units on hand. Vaughn sells the units for $14 each. The company has an effective tax rate of 22%. Vaughn uses the periodic inventory method. Under the LIFO method, cost of goods sold is

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Under the LIFO LastIn FirstOut method the cost of goods sold COGS is calculated by assuming that the ... View the full answer