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A company using LIFO reports the following: - Cost of goods sold was $30,000. - The beginning inventory was $6,500 and the ending inventory was
A company using LIFO reports the following:
- Cost of goods sold was $30,000. - The beginning inventory was $6,500 and the ending inventory was $6,200. - The beginning LIFO reserve was $1,000. - The ending LIFO reserve was $1,400. The best estimate of the companys cost of goods sold on a FIFO basis would be:
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