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The following information was available from the inventory records of Lock Company for January: Units Unit Cost Total Cost Balance at January 1 3,000 $9.77
The following information was available from the inventory records of Lock Company for January:
Units | Unit Cost | Total Cost | ||||
Balance at January 1 | 3,000 | $9.77 | $29,310 | |||
Purchases: | ||||||
January 6 | 2,000 | 10.30 | 20,600 | |||
January 26 | 2,700 | 10.71 | 28,917 | |||
Sales: | ||||||
January 7 | (2,500) | |||||
January 31 | (4,200) | |||||
Balance at January 31 | 1,000 |
Assuming that Lock uses the periodic inventory system, what should the inventory be at January 31, using the weighted-average inventory method, rounded to the nearest dollar?
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