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The following information is available for company that uses the perpetual inventory system: Oct 1: beginning inventory consisted of 300 units at a cost of
The following information is available for company that uses the perpetual inventory system:
- Oct 1: beginning inventory consisted of 300 units at a cost of $5 each
- Oct 5: 200 units were sold for $12 each.
- Oct 15: 250 units were purchased at a cost of $6 each.
- Oct 21: 75 units were purchased at a cost of $7 each.
- Oct 25: 150 units were sold for $15 each.
What is the cost of goods sold using the last-in, first-out (LIFO) and FIFO method?
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