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What is amount allocated to ending inventory on a fifo basis

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Reference no: EM132894266

Concord has the following inventory data:

July 1 Beginning inventory 40 units at $96

5 Purchases 240 units at $90

14 Sale 160 units

21 Purchases 120 units at $91

30 Sale 112 units

Problem 1: Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a FIFO basis?

Reference no: EM132894266

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