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3. On 30 December A Ltd had 500 items in ending inventory. During the period it had made the following purchases: May 600 items at

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3. On 30 December A Ltd had 500 items in ending inventory. During the period it had made the following purchases: May 600 items at $2.50 each; July 400 items at $3 each; September 300 items at $4.50 each. Using the FIFO method of cost assignment the closing inventory is measured as: A. $1500; B. $1950; C. $2250 D. $4050

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