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Katie Malls has the following inventory transactions for the year:Date Transaction Number of units Unit cost Total costJan. 1 Beginning inventory 20 $35 $ 700Apr. 8 Purchase 50 40 2,000 $2,700Jan. 1 â Dec. 31 Total sales to customers 60What amount would Madison report for cost of goods sold using LIFO under a periodic inventory system?a) $2,100b) $2,350c) $2,300d) $2,400
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