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A company just starting business made the following inventory transactions in August:

Purchase on August 1 300 units $1,560
Sale on August 8 200 units 3,400
Purchase on August 12 400 units 1,340
Sale on August 24 350 units 5,950

Using the LIFO inventory method, how much is cost of goods sold for August using a perpetual inventory system?

$2,120
$2,212.50
$6,450
$9,350

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