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TG Corp. uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item
TG Corp. uses a periodic inventory system. At the end of the annual accounting period, December 31, the accounting records for the most popular item in inventory showed the following:
Transactions | Units | Unit Cost | |
Beginning inventory, January 1 | 800 | $ 2.00 | |
Transactions During the year: | |||
a. | Purchase, January 30 | 500 | $ 3.95 |
b. | Purchase, May 1 | 600 | $ 2.95 |
c. | Sale ($8 each) | 650 | |
d. | Sale ($8 each) | 200 |
How much is Ending Inventory under the Specific ID method? Assume the first sale came from the Jan 30th purchase first and then the remaining units came from the beginning inventory. Assume the second sale all came from the May 1st purchase.
Do not use the $ in your response, just input the dollar amount rounded to the nearest whole dollar (no cents).
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