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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