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Conan Corporation uses the LIFO inventory method. On May 1, Conan had beginning inventory that consisted of 200 units at a cost of $10 per
Conan Corporation uses the LIFO inventory method. On May 1, Conan had beginning inventory that consisted of 200 units at a cost of $10 per unit. On May 12, Conan purchased 100 units for $9 per unit. On May 29, Conan sold 150 units for $15 each. These are the only transactions that happened in May. What is the balance in the inventory account at the end of May?
a. $650
b. $1400
c. $1450
d. $1,500
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