Milford Company had 400 units of "Tank" in its inventory at a cost of $4 each.It purchased 600 more units of "Tank" at a cost of $6 each.Milford then sold 700 units at a selling price of $10 each.The LIFO liquidation overstated normal gross profit by

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The Answer of Milford Company had 400 units of "Tank" in its inventory at a cost of $4 each.It purchased 600 more units of "Tank" at a cost of $6 each.Milford then sold 700 units at a selling price of $10 each.The LIFO liquidation overstated normal gross profit by

Milford Company Had 400 Units of "Tank" in Its Inventory