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A wholesale merchandising company uses the FIFO cost flow assumption. The beginning inventory balance was zero. Below is a worksheet showing inventory transactions for December

A wholesale merchandising company uses the FIFO cost flow assumption. The beginning inventory balance was zero. Below is a worksheet showing inventory transactions for December 2020.

What is the balance in the company's inventory asset account on December 31, 2020?

Transaction type Number of units Number of units Date Dec. 2 Purchase Dec. 15 Purchase Dec. 16 Purchase Dec. 29 Sale 125 200 375 650 | Unit price $75 $74 $70 $130

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