1. Inventory records for Dunbar Incorporated revealed the following:
DateTransactionNumber of UnitsUnit Cost
Apr. 1Beginning inventory500$2.40
Apr. 20Purchase400$2.50
Dunbar sold 700 units of inventory during the month. Cost of goods sold assuming FIFO would be:
a. $1,730
b. $1,700
c. $1,720
d. $1,710
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