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Excelsier uses LIFO to account for inventory. The company purchased 250 t-shirts for $1/each on 1/3/2020; then purchased 100 t-shirts for $2/each on 3/4/2020. If
Excelsier uses LIFO to account for inventory. The company purchased 250 t-shirts for $1/each on 1/3/2020; then purchased 100 t-shirts for $2/each on 3/4/2020. If Excelsier sells 50 t-shirts on 4/1/2020, which of the following appropriately records part of the journal entry? O debit to COGS $50 O debit to Inventory $100 O credit to Inventory $50 O debit to COGS $100
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