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Windrosi, Inc. uses a periodic inventory system and its inventory records contain the following information: Units Total Cost Beginning inventory: 600 $ 1,560 Purchased on
Windrosi, Inc. uses a periodic inventory system and its inventory records contain the following information:
Units | Total Cost | ||||||
Beginning inventory: | 600 | $ | 1,560 | ||||
Purchased on May 10 | 800 | 2,340 | |||||
Purchased on June 15 | 1,000 | 2,520 | |||||
Purchased on August 28 | 600 | 1,980 | |||||
3,000 | $ | 8,400 | |||||
The company sold 2,000 units during June. There were no additional purchases or sales during the remainder of the year. The company had 1,000 units were in its ending inventory at the end of the year. If Windrosi uses the LIFO costing method, what is the cost of its ending inventory?
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