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Aiello, Inc. had the following inventory in its fiscal year. The company uses the FIFO method of accounting for inventory. Beginning Inventory, January 1: 260
Aiello, Inc. had the following inventory in its fiscal year. The company uses the FIFO method of accounting for inventory.
| Beginning Inventory, January 1: | 260 | units @ $15.00 |
| Purchase | 400 | units @ $18.00 |
| Purchase | 100 | units @ $13.50 |
| Purchase | 220 | units @ $15.75 |
| Ending Inventory, December 31: | 240 | units |
The companys cost of goods sold for its fiscal year is:
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