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A company has inventory of 10 units at a cost of $10 each on June 1. On June 3, they purchased 20 units at $12 each. 12 units are sold on June 5. Using the FIFO periodic inventory method, what is the cost of the 12 units that were sold?

a) $120

b) $124

c) $128

d) $130

e) $140

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M947151

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