Solution-Determining the cost of goods sold

Determining the cost of goods sold

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Reference no: EM132613849

At the end of January, Mineral Labs had an inventory of 955 units, which cost $12 per unit to produce. During February the company produced 1,800 units at a cost of $16 per unit.

a. If the firm sold 2,650 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.)

b. If the firm sold 2,650 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.)

Reference no: EM132613849

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Determining the cost of goods sold

Reference no: EM132613849

Reference no: EM132613849

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