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Crane Industries has the following inventory information.
July 1 Beginning Inventory 30 units at $110
5. Purchases. 220 units at $108
14 Sale. 140 units
21 Purchases. 90 units at $110
30 Sale. 120 units
Problem 1: Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis?
A) $26400
B) $30360
C) $9030
D) $8700
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