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Diligent Ltd Had 5 Units of the Commodity Algo on Hand

Question 37

Multiple Choice

Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2016. The following purchases and sales were made during September:
Diligent Ltd had 5 units of the commodity Algo on hand at 1 September 2016. The following purchases and sales were made during September: What was the value of cost of goods sold of Algo, using the LIFO assumption in a perpetual inventory system? A) $2600 B) $2700 C) $2720 D) $1400
What was the value of cost of goods sold of Algo, using the LIFO assumption in a perpetual inventory system?


A) $2600
B) $2700
C) $2720
D) $1400

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