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    Cost of Goods Sold - Lifo, Fifo, Perpetual Method

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    Smith Company had the following information during the past year:

    Beginning inventory cost $40,000
    Cost of net purchases $400,000
    Ending inventory cost $52,000

    Smith Company's cost of goods sold for the year was $___________.

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    https://brainmass.com/business/fifo/cost-goods-sold-lifo-fifo-perpetual-method-315721

    Solution Summary

    The solution explains how to calculate the cost of goods sold

    $2.19

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