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Follman Fabricators, Inc. has 10 units in beginning inventory costing $30 each. It purchased 90...

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Accounting

Follman Fabricators, Inc. has 10 units in beginning inventory costing $30 each. It purchased 90 more for $24 each during the month. The company sold 80 units during the month.

Using FIFO, Cost of goods sold = $1,980 Ending inventory = $480

True or False

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