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A corporation who uses the perpetual inventory method made the following merchandise purchases and sales during the month of May:
May 1 - Purchased - 385 units at - $15 each
May 5 - Purchased - 270 units at - $17 each
May 10 - Sold - 400 units at - $50 each
May 20 - Purchased - 350 units at - $22 each
May 25 - Sold - 375 units at - $51 each
What is the cost of goods using the LIFO method?
What is the cost of goods sold using the LIFO method?
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