Solved: Using the lifo inventory method how much is cost of goods, Accounting Basics

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Using the lifo inventory method how much is cost of goods

Problem - A company just starting business made the following inventory transactions in August:

Purchase on August 1 300 units $1,560

Sale on August 8 200 units $3,400

Purchase on August 1 2400 units $1,340

Sale on August 24 350 units $5,950

Using the LIFO inventory method, how much is cost of goods sold for August using a perpetual inventory system?

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Accounting Basics: Using the lifo inventory method how much is cost of goods

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Accounting Basics: Using the lifo inventory method how much is cost of goods

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