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Zoom company uses Perpetual Inventory System. During the month of August, Zoom purchased and sold merchandise on account as follows:
August 1 Beginning inventory 35units @ $10 each
6 Purchase 30 units @ $20 each
15 Sale 40 units @ $60 each
20 Purchase 60 units @ $ 25 each
30 Sale 85 units @ $40 each
Requirement: Using perpetual inventory record for Panda calculate Cost of goods sold using LIFO inventory costing method?
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