Fraiser Inc. uses a perpetual inventory system. Inventory costs are determined using the first in,...
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Fraiser Inc. uses a perpetual inventory system. Inventory costs are determined using the first in, first out (FIFO) method. The company had inventory on May 1 of 22 units at a cost of $26 each. On May 2, they purchased 27 units at $27 each. On May 6, they purchased 23 units at $29 each. On May 8, 25 units were sold for $38 each. The value of the inventory on May 8 after the sale is $
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