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undefined TG Corp. uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular
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TG Corp. uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following:
Transactions | Units | Unit Cost | |
Beginning inventory, January 1 | 800 | $ 2.50 | |
Transactions During the year: | |||
a. | Purchase, January 30 | 500 | $ 3.95 |
b. | Purchase, May 1 | 600 | $ 4.05 |
c. | Sale ($7 each) | 550 | |
d. | Sale ($10 each) | 310 |
How much is COGS under the LIFO method?
Do not use the $ in your response, just input the dollar amount rounded to the nearest whole dollar (no cents).
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