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The Acme Corporation starts the year with a beginning inventory of 490 units at $24 per unit. The company purchases 595 units at $42 each
The Acme Corporation starts the year with a beginning inventory of 490 units at $24 per unit. The company purchases 595 units at $42 each in February and 580 units at $25 each in October. Acme sells 245 units during the year. Acme has a periodic inventory system and uses the FIFO inventory costing method. What is the amount of cost of goods sold?
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