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Jensen Company started business on February 1st and applies the periodic inventory system. It had the following inventory transactions: Purchases: Date Received Quantity Unit Cost
Jensen Company started business on February 1st and applies the periodic inventory system. It had the following inventory transactions:
Purchases:
Date Received Quantity Unit Cost Amount
2/5 80 $6.00 $480
2/11 120 $8.00 $960
2/18 140 $10.00 $1,400
Units sold: 240
Compute the dollar amount of ending inventory using the average cost method. Round the unit cost to two decimal places.
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