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A company made the following merchandise purchases and sales during the month of May:

May 1 purchased 380 units at $15 each
May 5 Purchased 270 units at $17 each
May 10 Sold 400 units sold $50 each
May 20 purchased 300 units at $22 each
May 25 sold 400 units at $50 each

There was no beginning inventory. If the company uses the FIFO periodic inventory method, wht would be the cost of the ending inventory?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M948649

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