Question: data for a firm using the FIFO-lcm retail inventory method is as follows: cost Retail beginning inventory $ 300 $467 net purchases 1200 2000 net

data for a firm using the FIFO-lcm retail inventory method is as follows:

cost Retail

beginning inventory $ 300 $467

net purchases 1200 2000

net additional markups 100

net markdowns (300)

sales 1,700

compute the cost of goods sold

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