QUESTION 7 The following data applies to a particular item of merchandise On hand at start of period 1st purchase 2nd purchase 3rd purchase Number of units available for sale On hand at end of period Number of units sold during period 300 $5.10 500 5.20 700 5.30 600 5.50 2,100 500 1.600 Of the 1,600 units sold during the period, 300 were from the beginning inventory; 500 from the first purchase; 600 from the second purchase and 200 from the last purchase. Using the last-in, first-out costing method, the value of the inventory on hand at the end of the period would be 1 paints Bertal C