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A company had the following purchases and sales during its first year of operations: Purchases Sales January: 14 units at $140 10 units February: 24
A company had the following purchases and sales during its first year of operations: Purchases Sales January: 14 units at $140 10 units February: 24 units at $145 7 units May: 19 units at $150 11 units September: 16 units at $155 10 units November: 14 units at $160 16 units On December 31, there were 33 units remaining in ending inventory.
Purchases | Sales | |
January: | 14 units at $140 | 10 units |
February: | 24 units at $145 | 7 units |
May: | 19 units at $150 | 11 units |
September: | 16 units at $155 | 10 units |
November: | 14 units at $160 | 16 units |
Using the Perpetual LIFO inventory valuation method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.)
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