Question 3 You are provided with the following information for Concord Inc., which purchases its inventory from a supplier for cash and has only cash sales. Concord uses the average cost formula in a perpetual inventory system. Increased competition has recently reduced the price of the product. Unit Cost/Price $80 Date Explanation Apr. 1 Beginning inventory 6 Purchases 8 Sales 15 Purchases 20 Sales 27 Purchases Units 50 110 (130) 120 (120) 20 (b) Determine the ending inventory amount for Concord. (Round answer to 2 decimal places, e.g. 1.25.) Ending Inventory s Attempts: 0 of 2 used