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Question - Use the following information to determine the value of products found when taking inventory on November 30.
On November 1, the restaurant had an opening inventory as listed below. After closing, on November 30, there were 58 lbs. of raw turkey left in inventory. During the month of November, the chef purchased and received the following shipments of turkeys:
11/01 Opening Inventory 32 lbs @ 1.89 per lb
11/04 Purchases 94 lbs @ 1.59 per lb
11/11 Purchases 140 lbs @ 1.29 per lb
11/24 Purchases 48 lbs @ 1.65 per lb
Using FIFO, what was the dollar value of the closing inventory on November 30?
a. $92.10
b. $95.70
c. $92.22
d. 101.82
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