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Question - Use this inventory information for the month of March to answer the following question.
March 1 Beginning inventory 30 units @ $56
March 7 Purchase 60 units @ $60
March 18 Sale 25 units
March 22 Purchase 10 units @ $66
March 29 Sale 40 units
Assume that a periodic inventory system is used.
Required - What is ending inventory under the LIFO method?
a. $1,680
b. $1,980
c. More information is needed.
d. $2,720
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