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Griffin Corporation starts the year with a beginning inventory of 300 units at $5 per unit. The company purchases 500 units at $4 each in
Griffin Corporation starts the year with a beginning inventory of 300 units at $5 per unit. The company purchases 500 units at $4 each in February and 200 units at $6 each in October. Griffin sells 150 units during the year. Griffin has a periodic inventory system and uses the FIFO inventory costing method. What is the amount of cost of goods sold?
$750 |
$600 |
$900 |
$934 |
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