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Determine the amount of cost of goods sold

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Question - The inventory records for Cookie Co. reflected the following:

Beginning Inventory @ July 1200 units @ $1.00

First Purchase @ July 8 300 units @ $1.10

Second Purchase @ July 15 400 units @ $1.20

Third Purchase @ July 26 100 units @ $1.30

Sales @ July 31 800 units @ $1.50

Determine the amount of cost of goods sold assuming the LIFO cost flow method.

a. $1,140

b. $940

c. $1,040

d. $1,010

Reference no: EM132918254

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