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Diligent Ltd Had Five Units of the Commodity Algo on Hand

Question 7

Multiple Choice

Diligent Ltd had five units of the commodity Algo on hand at 1 September 2019. The following purchases and sales were made during September: Diligent Ltd had five units of the commodity Algo on hand at 1 September 2019. 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) $2 600 B) $2 700 C) $2 720 D) $1 400 What was the value of cost of goods sold of Algo, using the LIFO assumption in a perpetual inventory system?


A) $2 600
B) $2 700
C) $2 720
D) $1 400

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