June 1 Beginning Inventory 50 units @ $25 7 Purchase 40 units @ $30 18 Sale 60 units 22 Purchase 10 units @ $35 29 Sale 5 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis? (Round answer to nearest dollar.)
a. $1,100
b. $1,700
c. $1,875
d. $1,779
c
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