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Question - A company had the following purchases and sales during its first year of operations: purchase sales
Jan 10 units at $120 6 units
Feb 20 units at $125 5 units
May 15 units at $130 9 units
Sep 12 units at $135 8 units
Nov 10 units at $140 13 units
On December 31, there were 26 units remaining in ending inventory. Using the perpetual LIFO inventory costing method, what is the value of cost of goods sold?
(A) $8670
(B) $5,400
(C) $5,470
(D) $5,130
(E) $5,305
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Compute the equivalent units of material and of conversion costs that were required to complete the beginning inventory.
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