At the beginning of the year 2013, Company XYZ had an inventory of 8,000 widgets with a unit cost of \(\$ 6.00\). During that year, the following purchases of widgets were made:

At the end of 2013, the number of units in the inventory was 2,900. Use both the FIFO and LIFO methods to determine the cost of goods sold for 2013.

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Month of Purchase Number of Units Unit Cost ($) February 10,000 $7.00 May 5,000 $8.00 June 15,000 $9.00 August 25,000 $10.00 November 20,000 $10.50