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A company just starting its business made the following three inventory purchases in June: ...

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Accounting

A company just starting its business made the following three inventory purchases in June:

Date Number of Units Total Cost
June 1 150 $480
June 10 200 660
June 15 200 680

On June 25, the company made its first sale when a local customer purchased 350 units for $3,500. Using the average cost formula, the cost of the ending inventory on June 30 is (round to the nearest dollar)

Select one:

a. $695

b. $680

c. $1,695

d. $662

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