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Question - Nordic Industries uses a periodic inventory system. During its first month of operations, Nordic Industries purchased inventory as follows:
Units
Unit Cost
Total Cost
January 3
150
$15
$2,250
January 12
200
20
4,000
January 20
250
5,000
January 25
300
30
9,000
900
$20,250
There were 100 units in ending inventory on January 31.
1. Required information Use the information above to answer the following question. Under the LIFO cost method, what is the cost of goods sold for January?
a. $17,250
b. $19,500
c. $18,750
d. $18,000
2. Required information Under the FIFO cost method, what is the cost of goods sold for January?
b. $16,500
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