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Adam Inc. uses a perpetual inventory system. Jan. 1 On hand, 10 units at $2 each $ 20 4 Sold 8 units for $10 each
Adam Inc. uses a perpetual inventory system.
| Jan. 1 | On hand, 10 units at $2 each | $ 20 |
| 4 | Sold 8 units for $10 each | 80 |
| 22 | Purchased 50 units at $4 each | 200 |
| 26 | Sold 48 units for $10 each | 480 |
If Adam uses the LIFO method, how much is cost of goods sold for the month of January?
| a. | $212 | |
| b. | $208 | |
| c. | $560 | |
| d. | $204 |
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