Our company had the following balances and transactions during the current year related to merchandise...
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Accounting
Our company had the following balances and transactions during the current year related to merchandise inventory.
| Beginning merchandise inventory on January 1 | 100 units at $75 per unit |
| Purchase on February 14 | 100 units at $80 per unit |
| Sale on August 21 | 150 units |
What would be the company's cost of goods sold in dollars on December 31 if the company used perpetual, last in, first out (LIFO) method?
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