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What is the amount allocated to ending inventory

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Question - Moroni Industries has the following inventory information.

July 1

Beginning Inventory

40 units at $120

July 5

Purchases

240 units at $112

July 14

Sale

160 units

July 21

Purchases

120 units at $115

July 30

Sale

140 units

Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis?

Reference no: EM132088598

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