Question: pls respond asap will rate up if correct ty Bailey Co. uses LIFO for its financial reporting. The company began 2021 with the following layers

pls respond asap will rate up if correct ty Bailey Co.

pls respond asap will rate up if correct ty

Bailey Co. uses LIFO for its financial reporting. The company began 2021 with the following layers in its inventory: 2019: 700 units @ $25 2020: 400 units @ $26 During 2021, another 500 units were purchased at $27. Sales for the year totaled 800 units. Bailey's tax rate is 20%. Bailey's LIFO Liquidation profit is: O $1,045 O $300 O $240 O $255

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