A company has the following purchases and sales during October. Using the FIFO periodic inventory...
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A company has the following purchases and sales during October. Using the FIFO periodic inventory method, what is the value of the inventory on October 15 after the sale? Date Activities Units Acquired at Cost Units Sold at Retail October 1 Beginning inventory 15 units @ $24 = $360 October 5 Purchase 10 units @ $25 = $250 October 12 Purchase 20 units @ $26 = $520 October 15 Sales 30 units sold
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