A company began operations on January 1. It purchased three shredders as part of its inventory....

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A company began operations on January 1. It purchased three shredders as part of its inventory. The first shredder had a cost of $34; the second one cost $41; and the third shredder cost $51. The company decided to use LIFO and sold two shredders in January. If the company had used FIFO, by how much would gross profit for the period be greater or less than using the LIFO method? A company began operations on January 1. It purchased three shredders as part of its inventory. The first shredder had a cost of $34; the second one cost $41; and the third shredder cost $51. The company decided to use LIFO and sold two shredders in January. If the company had used FIFO, by how much would gross profit for the period be greater or less than using the LIFO method?

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