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A company has the following inventory information and uses the periodic system: May 1 Beginning Inventory 1 5 units at $ 1 each May 4

A company has the following inventory information and uses the periodic

system:

May

1

Beginning Inventory

15

units at $

1

each

May

4

Purchase

17

units at $

2

each

May

7

Sale

25

units

The company uses the LIFO method of inventory costing. What is the ending merchandise

inventory?

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