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5 (4 marks) A company just starting a business purchased three inventory items at the following cost: March 2, $150; March 7, $160; and March
5 (4 marks) A company just starting a business purchased three inventory items at the following cost: March 2, $150; March 7, $160; and March 15, $180. If the company sold one unit for $230 on March 10 and one unit for $250 on March 20 and uses the average cost formula in a perpetual inventory system, what is the cost of ending inventory? Show all your calculations
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