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Different LIFO inventory assumptions: Beginning inventory of 10 units @$15 = $150 Purchases month #1 of 10 units @$15 = $150 Purchases month #2 of
Different LIFO inventory assumptions: Beginning inventory of 10 units @$15 = $150 Purchases month #1 of 10 units @$15 = $150 Purchases month #2 of 10 units @$10 = $100 Cost of goods available for sale (subtotal) = $400 Less ending inventory of 10 units Equals cost of goods sold (also known as cost of sales) Required: Under the LIFO inventory method, what is the cost of goods sold amount
A.
$300
B.
$250
C.
$200
D.
None of the above
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