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Assume that a retailers beginning inventory and purchases of a popular item during January included: (1) 340 units at $7.4 in beginning inventory on January
Assume that a retailers beginning inventory and purchases of a popular item during January included: (1) 340 units at $7.4 in beginning inventory on January 1, (2) 490 units at $8.4 purchased on January 8, and (3) 790 units at $9.4 purchased on January 29. The company sold 390 units on January 12 and 590 units on January 30. Calculate the cost of goods sold for the month of January under (a) FIFO (periodic calculation), (b) FIFO (perpetual calculation), (c) LIFO (periodic calculation), and (d) LIFO (perpetual calculation).
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