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6. Use this inventory information for the month of July to answer the following question. July 1 Beginning inventory 20 units @ $120 5 Purchase

6. Use this inventory information for the month of July to answer the following question.

July

1

Beginning inventory

20 units @ $120

5

Purchase

60 units @ $112

21

Purchase

30 units @ $116

31

Sale

70 units

A perpetual inventory system is used. Using LIFO, cost of goods sold is

Cost of goods sold: $___________________ Ending inventory $________________

Use

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