Inventory records for Dunbar Incorporated revealed the following:
Date Transaction Number of Units Unit Cost
Apr. 1 Beginning Inventory 500 $ 2.40
Apr. 20 Purchase 400 2.50
Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming LIFO would be:
A) $1,730.
B) $1,700.
C) $1,720.
D) $1,710.
Answer: C
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