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Question - Lionworks Enterprises had the following inventory data:
Date
Quantity
Unit cost
July 1
Beginning inventory
5
$52
July 4
Purchase
10
$55
July 7
Sale
12
July 11
9
$58
July 14
8
Assuming FIFO and a perpetual inventory system, what is the cost of goods sold for the July 7 sale?
$648
$645
$624
$654
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