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A company's inventory records report the following in November of the current year: Date November 1 November 2 Activities Beginning inventory Units Acquired at Cost
A company's inventory records report the following in November of the current year: Date November 1 November 2 Activities Beginning inventory Units Acquired at Cost Units Sold at Retail Purchase 5 units @ $32 = $160 10 units @$34 = $340 November 8 November 12 Sales 12 units @ $66 Purchase 6 units @$37 = $222 Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? Multiple Choice
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