Question: A business uses the Specific Identification method. The business has beginning inventory of 10 units that cost $10 per unit. On 2/1/09 they purchase 20

A business uses the Specific Identification method. The business has beginning inventory of 10 units that cost $10 per unit. On 2/1/09 they purchase 20 units for $11 per unit. On 2/2/09 they sell 20 units for $15 per unit. After the sale the ending inventory consists of 5 units from the beginning inventory and 5 units from the purchase on 2/1/09. The business uses a perpetual system. What is the cost of goods sold recorded on 2/2/09?

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