At the beginning of that year 2013, Lancer Inc. had 50 units in its inventory, each costing $4. In January, Lancer Inc. purchased 30 units for $5 each. On January 31, Lancer, Inc. sold 20 units. Assuming a LIFO cost flow assumption, what would be Lancer, Inc.'s cost of goods sold?
a. $100
b. $80
c. $200
d. $150
e. $120
Ans: a. $100
Business
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