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Question - The following inventory transactions took place for Sandhill Corporation for the month of May:
Date Event Quantity Cost/Selling Price
May 1 beginning inventory 2,030 $3.00
May 5 purchase 4,980 3.20
May 10 purchase 3,870 3.30
May 15 sale 5,870 6.80
May 20 sale 1,940 6.80
May 22 purchase 4,130 3.50
May 24 purchase 1,990 3.50
May 25 sale 5,950 6.80
Required - Calculate the ending inventory balance for Sandhill Corporation, assuming the company uses a periodic inventory system and the weighted average cost formula.
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