MVP Corp uses LIFO to value its inventory. The 20x8 inventory records disclose the following: At December
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At December 26, 20x8, the company had a special, nonrecurring opportunity to purchase 40,000 units at $17 per unit. The purchase can be made and the units delivered on December 30, or it can be delayed until the first week of January 20x9. The company plans to make the purchase, due to the obvious cost savings involved. Sales for 20x8 totaled 245,000 units. Debate:
Team 1. Describe the financial statement effects of making the purchase in 20x8 as opposed to 20x9. Argue for making the purchase during 20x8. Defend the use of LIFO. Use the matching concept in yourdefense.
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If the purchase is made in 2008 it will increase inventory current assets by 680000 but it will also increase the same offsetting account which would ...View the full answer
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Related Book For 
Financial Accounting Theory and Analysis Text and Cases
ISBN: 978-1118582794
11th edition
Authors: Richard G. Schroeder, Myrtle W. Clark, Jack Cathey
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