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Problem - The inventory data for an item for November are as follows:
Nov. 1 Inventory 25 units at $20 each
Nov. 10 Purchase 30 units at $21 each
Nov. 30 Purchase 10 units at $22 each
Sale 35 units
Using the first-in, first-out method, what is the cost of the merchandise inventory recorded on November 30?
a. $640
b. $605
c. $630
d. $660
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