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ACCT 201 Chapter 7 Quiz Inventory valuation Name: Inventory transactions for January: Cost per Date Transaction Units Unit Beginning Inventory 500 $1.00 1/3 Purchases 500 $2.00 1/15 Purchases 200 $3.00 1/30 Sold 800 Calculate the cost of goods sold and the 1/31 inventory using FIFO and LIFO? $ 500.00 $1,000.00 $ 600.00 FIFO Cost of Goods Sold: FIFO 1/31 Inventory: LIFO Cost of Goods Sold: LIFO 1/31 Inventory