Vargas Company uses the perpetual inventory system and the FIFO cost flow method. During the...
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Vargas Company uses the perpetual inventory system and the FIFO cost flow method. During the current year, Vargas purchased 500 units of inventory that cost $6 each. At a later date during the year, the company purchased an additional 900 units of inventory that cost $7 each. Vargas sold 600 units of inventory for $10. What is the amount of cost of goods sold that will appear on the current years income statement
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