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Zurich Co. uses the perpetual inventory method. During June, the following changes in inventory item 27 took place:
June 1 Balance 1,400 units @ $24
14 Purchased 800 units @ $36
24 Purchased 700 units @ $30
8 Sold 400 units @ $50
10 Sold 1,000 units @ $40
29 Sold 500 units @ $44
What is the cost of goods sold for item 27 under the following methods? (a) FIFO __________ (b) LIFO __________
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