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QUESTION 1 Maxim Corp. has provided the following information about one of its products: Date Transaction Number of Units Cost per Unit 1/1 Beginning Inventory
QUESTION 1 Maxim Corp. has provided the following information about one of its products: Date Transaction Number of Units Cost per Unit 1/1 Beginning Inventory 200 $ 140 1/5 Purchase 400 $ 160 1/20 Purchase 100 $ 200 During the month, Maxim sold 400 units.
Required: How much is the COGS during the month if the company had used LIFO, FIFO, and weighted average costing method respectively?
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