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3. Company Joinus has the following transactions in May. May 10, 150 units purchased @ $300 each. May 23. 120 units purchased @ $330 each.

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3. Company Joinus has the following transactions in May. May 10, 150 units purchased @ $300 each. May 23. 120 units purchased @ $330 each. Company uses LIFO as inventory costing system and level of materiality is determined as $1,650. At the end of May, after taking physical inventory; 267 units have been found on hand and at the end of the month, current market value of an unit is $285. Make required journal entries for the end of May (10 points)

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