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Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Monson uses a periodic inventory system. Also, on December 15, Monson sells 28 units for $45 each.
Purchases on December 7
18 units @ $18.00 cost
Purchases on December 14
32 units @ $27.00 cost
Purchases on December 21
28 units @ $32.00 cost
Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.
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