Find the product. Simplify the answer.
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Definitions:
LIFO Liquidation
A situation where older inventory, costed at historical prices, is sold, possibly resulting in higher reported profits due to inflation.
Pre-tax Effect
The impact on financial results before the adjustment for taxes has been made.
Units
In accounting and financial reporting, it can refer to a measure of quantity, such as items sold or produced.
Perpetual Inventory System
An inventory management system that updates inventory records for each purchase and sale in real-time.
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