Trumpeting Trumpets has the following inventory data:
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July 1: Beginning inventory
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30 units at $120
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July 5: Purchases
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180 units at $112
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July 14: Sale
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120 units
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July 21: Purchases
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90 units at $115
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July 30: Sale
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84 units
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Assuming that a periodic inventory system is used, what is the cost of goods sold on a FIFO basis?