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A company has the following purchases and sales during October. Using the FIFO periodic inventory method, what is the value of the inventory on October 15 after the sale?
Date
Activities
Units Acquired at Cost
Units Sold at Retail
October 1
Beginning inventory
15 units @ $28 = $420
October 5
Purchase
10 units @ $29 = $290
October 12
20 units @ $30 = $600
October 15
Sales
30 units sold
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