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Elephant Shop purchased 50 coffee mugs at a cost of $5 and 70 coffee mugs...

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Accounting

Elephant Shop purchased 50 coffee mugs at a cost of $5 and 70 coffee mugs at a cost of $7 two weeks later. 100 mugs have been sold. If the LIFO method is used, the cost of goods sold will be $640. TRUE OR FALSE?

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