Business, 30.03.2020 17:49 queenkimm26

The Reuschel Company began 2021 with inventory of 24,000 units at a cost of $7 per unit. During 2021, 64,000 units were purchased for $8.50 each. Sales for the year totaled 75,000 units leaving 13,000 units on hand at the end of 2021. Reuschel uses a periodic inventory system and the LIFO inventory cost method. A) Calculate the cost of goods sold for 2021B) From a financial reporting perspective, what problem is created by the use of LIFO in this situation? Describe the disclosure required to report the effects of this problem.

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The Reuschel Company began 2021 with inventory of 24,000 units at a cost of $7 per unit. During 2021...

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