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Samuel Corporation had the following inventory transactions during 2010: At 1/1/10 the company had 1,950 units in inventory at a cost of $25 per unit

Samuel Corporation had the following inventory transactions during 2010:

  • At 1/1/10 the company had 1,950 units in inventory at a cost of $25 per unit
  • On 3/27/10 the company purchased 2,400 units of inventory at a cost of $19.5 per unit
  • On 6/20/10 the company purchased 3,650 units of inventory at a cost of $21 per unit
  • On 12/1/10 the company purchased 1,750 units of inventory at a cost of $23 per unit
  • During the year 3,000 units of inventory were sold

What was the Ending Inventory balance on the 12/31/10 financial statements assuming the company used the FIFO inventory method and periodic inventory system?

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