Martins Game Stop began the current quarter with the following inventory: 900 units @ $10 per unit
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Question:
Martins Game Stop began the current quarter with the following inventory: 900 units @ $10 per unit and 250 units @ $12 per unit. During the quarter, Martin purchased 400 units @ $13 per unit and sold 680 units. Martin prepares interim financial statements each quarter.
Required:
a. Determine the amount of LIFO liquidation profit for the quarter.
b. Assume the liquidation is not to be reflected in the current quarter's financial statements. Prepare the necessary adjusting entry.
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