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A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $44.50, 25 pairs at $39.50, and 20 pairs at

A sneaker outlet has made the following wholesale purchases of new running shoes: 12 pairs at $44.50, 25 pairs at $39.50, and 20 pairs at $49.50. An inventory taken last week indicates that 27 pairs are still in stock. Calculate the cost of this inventory by FIFO.

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