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Suppose that Target Corporation uses the periodic inventory system to account for inventories and has the following information at October 31. October 1 Beginning
Suppose that Target Corporation uses the periodic inventory system to account for inventories and has the following information at October 31. October 1 Beginning inventory 200 units @ $9.00- $1,800 8 Purchase 1,000 units @ $9.40 - 9,400 16 Purchase 400 units @ $9.80- 3,920 24 Purchase 400 units @ $10.60 - 4,240 Total units and cost 2,000 units $19,360 (a) Determine the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31. Ending inventory $
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