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26. A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $45,18 pairs at $40, and 20 pairs at

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26. A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $45,18 pairs at $40, and 20 pairs at $50. An inventory taken last week indicates that 23 pairs are still in stock. Calculate the cost of this inventory by FIFO. LU/8+I(2)

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