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Suppose that Oriole Depot Inc. has the following inventory data: The company uses a periodic inventory system. A physical count of merchandise inventory on July

Suppose that Oriole Depot Inc. has the following inventory data:
The company uses a periodic inventory system. A physical count of merchandise inventory on July 31 reveals that there are 50 units on
hand. Using the FIFO inventory method, the amount allocated to ending inventory for July is
$1030.
$1100.
$1000.
$970.
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