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What is the ending inventory balance

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Reference no: EM133028256

Question - The following lots of a particular commodity were available for sale during the year

Beginning inventory 8 units at $51

First purchase 17 units at $50

Second purchase 24 units at $26

Third purchase 18 units at $65

The firm uses the periodic system, and there are 22 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year rounded to nearest dollar according to the average cost method? Do not round intermediate calculations.

a. $1,108

b. $1,274

c. $1,122

d. $1,002

Reference no: EM133028256

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