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Question 24 A company starts operations with no inventory at the beginning of a fiscal...

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Question 24 A company starts operations with no inventory at the beginning of a fiscal year and makes purchases of a good for resale five times during the period at increasing prices. Each purchase is for the same number of units of the good. The purchases, and the cost of goods available for sale, appear in the following table. Notice that the price per unit has increased by 140% by the end of the period. Units Price Cost Purchase 1 5 $100 $500 Purchase 2 5 150 750 Purchase 3 5 180 900 Purchase 4 5 200 1.000 Purchase 5 5 240 1,200 Cost of goods available for sale $4,350 During the period, the company sells, at $250 each, all of the goods purchased except for five of them. Although the ending inventory consists of five units, the cost attached to those units can vary greatly. Purchase 3 5 180 900 Purchase 4 5 200 1,000 Purchase 5 5 240 1,200 Cost of goods available for sale $4,350 During the period, the company sells, at $250 each, all of the goods purchased except for five of them. Although the ending inventory consists of five units, the cost attached to those units can vary greatly. What is the COGS if the company uses the LIFO method of inventory costing? 0 4350 O 3150 No answer text provided. 3850

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