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The Acme Corporation uses a periodic inventory system and buys 1,850 units of merchandise in January at $21 each. Acme buys 2,100 units at $20 each in February and 1,000 units at $22 each in March. The company had no beginning inventory.

Acme sells 1,900 units during the quarter. If Acme uses the LIFO method, what is its cost of goods sold for the quarter?

Acme sells 1,750 units during the quarter. If Acme uses the weighted average method, what is its cost of goods sold for the quarter? (Do not round intermediate calculations. Round your answer to the nearest dollar amount.)

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Accounting Basics, Accounting

Category:- Accounting Basics
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