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The following units of an inventory item were available for sale during the year: Unit 14 28 34 15 Answer Unit Cost $55 60 65 70 Beginning inventory First purchase Second purchase Third purchase The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory using FIFO is Your Answer: The following units of an inventory item were available for sale during the year: Unit 10 26 32 15 Answer Unit Cost $55 60 65 70 Beginning inventory First purchase Second purchase Third purchase The firm uses the periodic inventory system. During the year, 61 units of the item were sold. The value of ending inventory using LIFO is Your Answer: The following units of an inventory item were available for sale during the year: Unit 13 28 35 20 Answer Unit Cost Beginning inventory First purchase Second purchase Third purchase The firm uses the periodic inventory system. During the year, 64 units of the item were sold. The value of ending inventory rounded to nearest dollar using average cost is: Your Answer: $55 60 65 70