Consider the following information: beginning inventory 20 units @ $20 per unit; first purchase 35 units @ $22 per unit; second purchase 40 units @ $24 per unit; 50 units were sold. What is cost of goods sold using the FIFO method of inventory costing?
a. $1,000D
b. $1,060
c. $1,180
d. $1,200
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