A company had the following purchases and sales during its first year of operations: 
On December 31,there were 26 units remaining in ending inventory.Using the Periodic LIFO inventory valuation method,what is the value of cost of goods sold? (Assume all sales were made on the last day of the month.)
Definitions:
Iced Tea
A chilled form of tea, often sweetened and served with ice, popular as a refreshing beverage.
Budget Constraint
The limitations on the consumption bundles that a consumer can afford given their income and the prices of goods.
Consumption Possibilities
The set of all consumption bundles that can be consumed given a consumer’s income and prevailing prices.
Budget Line
A graphical representation of all possible combinations of two goods that an individual can afford given their income and the prices of the goods.
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