The Pancake Store presents the following facts pertaining to the cost of one product carried in its
merchandise inventory:
Beginning inventory on hand, 200 units @ $15 = $3,000
Purchase June 1, 200 units @$16 = $3,200
Purchase July 5, 200 units @ $20 = $4,000
Purchase August 25, 200 units @ $25 = $5,000
A new order comes in for 500 units.
What is the cost of goods sold that should be recorded for that new order using the LIFO accounting method?
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