A company purchased 400 units on January 31 at $30 each. On February 28, he bought 95 units at $40 each. From March 1 to December 31, it sold 150 units at $55 each. If the company uses last-in, first-out inventory, what is the Cost of Goods Sold amount in the income statement for the year ended December 31, according to the Cost method? (Assume the company uses a perpetual inventory system.)

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Under the LastIn FirstOut LIFO inventory method the cost of ... View the full answer