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March 25, 2017

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At the end of January, Mineral Labs had inventory of 725 units, which cost $10 per unit to produce. During February the company produced 650 units at a cost of $14 per unit. If the firm sold 1,000 units in February, what was the cost of goods sold?

a. Assume LIFO inventory accounting.
b. Assume FIFO inventory accounting.

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