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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 (a) 1 8
Suppose that Target Corporation uses the periodic inventory system to account for inventories and has the following information at October 31. October (a) 1 8 16 24 Beginning inventory Ending inventory Purchase Purchase Purchase 400 units @ 800 units @ $16.40 = 600 units @ $16.80 = $17.60 200 units @ Total units and cost 2,000 units $ $16.00 = = $6,400 13,120 10,080 3,520 Determine the ending inventory using the FIFO cost assumption if 500 units remain on hand at October 31. $33,120
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