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The following inventory transactions took place for NPR Corporation for the month of May: Date Event Quantity Cost/Selling Price May 1 Beginning Inventory 1,000 $3.55
The following inventory transactions took place for NPR Corporation for the month of May:
| Date | Event | Quantity | Cost/Selling Price | ||
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| May 1 | Beginning Inventory | 1,000 | $3.55 |
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| May 5 | Purchase | 6,000 | 3.10 |
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| May 10 | Purchase | 2,000 | 3.75 |
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| May 15 | Sale | 3,000 | 6.00 |
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| May 20 | Sale | 2,000 | 6.00 |
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| May 22 | Purchase | 5,000 | 3.45 |
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| May 24 | Purchase | 2,000 | 3.75 |
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| May 25 | Sale | 7,000 | 6.00 |
|
Required
1. Calculate the ending inventory balance for NPR Corporation, assuming the company uses a periodic inventory system and the weighted average cost formula.
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