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Red Buttons uses a periodic inventory system with the LIFO (Last-in-first-out) method of cost assignment. the following data are made available. Date Units Unit cost
Red Buttons uses a periodic inventory system with the LIFO (Last-in-first-out) method of cost assignment. the following data are made available.
| Date | Units | Unit cost | |
|---|---|---|---|
| 1 July | Beginning inventory | 300 | $20 |
| 12 July | Purchases | 500 | $22 |
| 25 July | Purchases | 400 | $24 |
| 29 July | July Sales | 700 |
The cost of sales is $___________
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Auditing Today
Authors: Emile Woolf
6th Edition
0135894662, 978-0135894668
