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The Paper Street Soap Company uses the periodic inventory system. The current months beginning inventory included 1,200 units costing $12 per unit. The Paper Street
The Paper Street Soap Company uses the periodic inventory system. The current months beginning inventory included 1,200 units costing $12 per unit. The Paper Street Soap Company made the following purchases during the month: 500 units at $13 per unit and 2,000 units at $13.50 per unit. The Paper Street Soap Company also sold 2,150 units this month. Can you determine the ending inventory with the First-In First-Out (FIFO) method?
$18,950 |
$18,600 |
$20,925 |
Ending inventory cannot be determined using the FIFO method |
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