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4) Dartmouth Co. uses the perpetual inventory system and FIFO cost flow method. During the year, Dartmouth purchased 500 units of inventory that cost $11.00

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4) Dartmouth Co. uses the perpetual inventory system and FIFO cost flow method. During the year, Dartmouth purchased 500 units of inventory that cost $11.00 each and then purchased an additional 600 units of inventory that cost $15.00 each. If Dartmouth sells 700 units of inventory, what is the amount of cost of goods sold? A) $11,200 B) $10,100 C) $8,500 D) $9,100

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