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Financial Accounting Midterm - Part 2 of 3!
SAMPLE
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5. Inventory / Periodic Inventory - FIFO, LIFO, and Average Cost / Problem 20
Problem 20

Using the LIFO method, calculate the cost of goods sold for a company that has a beginning inventory of 30 units at \$3 each, purchases 70 units at \$4 each, and sells 60 units.