Trumpeting Trumpets has the following inventory data: July 1Beginning inventory50 units at $1205Purchases
300 units at $11214
Sale
200 units21
Purchases
150 units at $11530
Sale
140 units
Assuming that a periodic inventory system is used, what is the cost of goods sold on a FIFO basis?
a)$38480
b)$38530
c)$18320
d)$18370
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