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    Cost of goods sold under LIFO

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    At the end of January, Higgins Data System had an inventory of 600 units, which cost $16.00 per unit to produce. During February the company produced 850 units at a cost of 19.00 per unit. If the firm sold 1,100 units in February, what was its cost of goods sold. (assume LIFO inventory accounting)

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    Solution Summary

    The solution explains how to calculate the cost of goods sold under LIFO