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A company began with units of inventory on hand. The cost of each unit was $ During an additional units were purchased at a single unit cost, and units remained on hand at the end of units therefore were sold during The company uses a periodic inventory system. Cost of goods sold for applying the average cost method, is $ The company is interested in determining what cost of goods sold would have been if the FIFO or LIFO methods were used.
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Determine the cost of goods sold for using the FIFO method. Hint: Determine the cost per unit of purchases.
Note: Do not round intermediate calculations.
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