Question: Data for a firm using the FIFO-LCM retail inventory method is as follows: Cost Retail Beginning inventory $300 $467 Net purchases 1,200 2,000 Net additional

Data for a firm using the FIFO-LCM retail inventory method is

Data for a firm using the FIFO-LCM retail inventory method is as follows: Cost Retail Beginning inventory $300 $467 Net purchases 1,200 2,000 Net additional markups 100 Net markdowns (300) Sales $1,700 Compute cost of goods sold. O $1,122 O $1,177 $1,169 O $1,160

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