Our company had the following balances and transactions during the current year related to merchandise inventory. Beginning
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Question:
Our company had the following balances and transactions during the current year related to merchandise inventory.
Beginning merchandise inventory on January 1 | 100 units at $75 per unit |
Purchase on February 14 | 100 units at $80 per unit |
Sale on August 21 | 150 units |
What would be the company's cost of goods sold in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method?
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