Question: Computing and Analyzing a LIFO Liquidation Chide Inc. changed its inventory method to LIFO effective January 1 . During December, Chide's storage facility was shut

Computing and Analyzing a LIFO Liquidation

Chide Inc. changed its inventory method to LIFO effective January

1 .

During December, Chide's storage facility was shut down due to a strike resulting in a drastic reduction in inventory. The following data are available.

\

table

[[,

Units,Unit

], [

Beginning inventory

(

Base layer of LIFO

-

January

1), 40, 000,

1.00

Computing and Analyzing a LIFO Liquidation Chide Inc. changed its inventory

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