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1. Tristan, Inc., uses the LIFO cost-flow assumption to value inventory. It began the current year with 1,250 units of inventory carried at LIFO cost of $55 per unit. During the first quarter, it purchased 6,250 units at an average cost of $85 per unit and sold 7,800 units at $125 per unit. Required: a. Assume the company does not expect to replace the units …
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