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January 1 Beginning inventory 150 items @ $4 = $600 May 1 Purchases 450 items...

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Accounting

January 1 Beginning inventory 150 items @ $4 = $600

May 1 Purchases 450 items @ $6= $2700

Total available 600 items $3300

Total sales 400 items

December 31 Ending inventory 200

What are the costs assigned on a FIFO basis?

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