At the end of January, Mineral Labs had an inventory of 745 units, which cost...
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Accounting
At the end of January, Mineral Labs had an inventory of 745 units, which cost $9 per unit to produce. During February, the company produced 750 units at a cost of $13 per unit.
a. If the firm sold 1,200 units in February, what was the cost of goods sold? (Assume LIFO inventory accounting.)
b. If the firm sold 1,200 units in February, what was the cost of goods sold? (Assume FIFO inventory accounting.)
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