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Gregor Inc. uses the LIFO cost-flow assumption to value inventory. Inventory for Gregor on January 1, 2021 was 100 units at a LIFO cost of $25 per unit. During the first quarter of 2021, 200 units were purchased costing an average of $40 per unit, and sales of 265 units at a retail price of $50 per unit were made.Assuming Gregor does not expect to replace the units of beginning inventory sold, what is the amount of cost of goods sold for the quarter ended March 31, 2021?
Wealth Creating
Wealth creating refers to the process or actions that contribute to generating financial profit or increasing economic value for individuals, businesses, or economies.
Creates Wealth
The process of generating assets and increasing the economic value for an individual, community, or country.
Recycle
The process of converting waste materials into new materials and objects, aiming to reduce resource consumption, environmental pollution, and energy usage.
Private Property Rights
Legal entitlements that grant individuals or entities exclusive use, control, and disposal of properties and assets.
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