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Determine the ending inventory cost using FIFO

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Question - The units of an item available for sale during the year were as follows:

Jan. 1 Inventory 25 units at $45

Mar. 4 Purchase 15 units at $50

June 7 Purchase 35 units at $58

Nov. 15 Purchase 20 units at $65

There are 30 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost using FIFO.

Reference no: EM133049771

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