(Answered) Question - moroni industries has the following inventory

Accounting

Question - Moroni Industries has the following inventory information.

July 1	Beginning Inventory	40 units at $120
July 5	Purchases	240 units at $112
July 14	Sale	160 units
July 21	Purchases	120 units at $115
July 30	Sale	140 units

Assuming that a periodic inventory system is used, what is the amount allocated to ending inventory on a LIFO basis?

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