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20-05-2023
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The following lots of Commodity P were available for sale during the year. Line Item DescriptionUnits and Cost Beginning inventory5 units at $61 First purchase15 units at $63 Second purchase10 units at $74 Third purchase10 units at $77 The firm uses the periodic inventory system, and there are 20 units of the commodity on hand at the end of the year. What is the cost of goods sold for the year using LIFO

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