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Elm Grove Enterprises uses a periodic inventory system. It entered into the following purchases and sales transactions for July. Date Activities Units Acquired at Cost

Elm Grove Enterprises uses a periodic inventory system. It entered into the following purchases and sales transactions for July.

Date

Activities

Units Acquired at Cost

Units Sold at Retail

Jul. 1

Beginning inventory

200 units @ $55 per unit


Jul. 4

Purchase

420 units @ $60 per unit


Jul. 10

Sales


450 units @ $85 per unit

Jul. 17

Purchase

280 units @ $65 per unit


Jul. 24

Purchase

360 units @ $70 per unit


Jul. 28

Sales


300 units @ $95 per unit

For specific identification, the July 10 sale consisted of 120 units from beginning inventory and 330 units from the July 4 purchase; the July 28 sale consisted of 100 units from the July 17 purchase and 200 units from the July 24 purchase.

  1. Compute the cost assigned to ending inventory using (a) FIFO, (b) LIFO, (c) weighted average, and (d) specific identification. (Round your average cost per unit to 2 decimal places.)

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