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16. Oscar Industries has the following inventory information. July 1 Beginning Inventory 40 units at $110 5 Purchases 240 units at $112 14 Sale 160

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16. Oscar Industries has the following inventory information. July 1 Beginning Inventory 40 units at $110 5 Purchases 240 units at $112 14 Sale 160 units 21 Purchases 120 units at $115 30 Sale 150 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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