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Patricia is a business owner who is trying to determine her cost of goods sold for 2013.She bought 20 units of inventory at $11,then 26 units at $9,and finally 18 units at $14.She sold 30 units in 2013 and uses FIFO for her inventory valuation.What was her cost of goods sold in 2013,assuming that there was no inventory at the beginning of the year?
Gross Earnings
The total income earned by a company before deductions such as taxes and expenses.
Overtime Pay
Additional compensation paid to employees who work beyond the standard hours set by the company's policy or by law.
FICA Tax Rate
The combined rate for Social Security and Medicare taxes in the United States, paid by both employees and employers.
Payroll Deduction
Amounts withheld from an employee's salary by an employer for taxes, benefits, and other legally permitted or voluntary deductions.
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