McDonald's Corporation operates a restaurant chain. At the beginning of the year, the company had 1,000 units
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Question:
McDonald's Corporation operates a restaurant chain. At the beginning of the year, the company had 1,000 units of a product in inventory at a cost of $3 per unit. During the year, McDonald's purchased an additional 2,000 units at $4 per unit and 3,000 units at $5 per unit. Calculate the cost of goods sold for the year using the FIFO method.
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