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Grays Company has inventory of 25 units at a cost of $6 each on August 1. On August 3. it purchased 35 units at $11
Grays Company has inventory of 25 units at a cost of $6 each on August 1. On August 3. it purchased 35 units at $11 each. 27 units are sold on August 5. Using the FIFO perpetual inventory method, what amount will be reported in cost of goods sold for the 27 units that were sold? $178. $172. $176. $235. $675
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