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Question - Concord Corporation uses a periodic inventory system. Details for the inventory account for the month of January 2022 are as follows:
Units
Per unit price
Total
Balance, 1/1/2022
240
4.00
$960
Purchase, 1/15/2022
120
4.20
$504
Purchase, 1/28/2022
4.40
$528
Required - An end-of-the-month (1/31/2022) inventory showed that 190 units were on hand. If the company uses LIFO, what is the value of the ending inventory?
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