Knowledge Check 01 Otis Corporation uses a periodic system and the FIFO method. Otis had...
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Knowledge Check 01 Otis Corporation uses a periodic system and the FIFO method. Otis had beginning inventory of 30 units purchased at $120 each and made the following purchases during the year: January 15: 34 units at $110 May 30: 61 units at $84 October 20: 160 units at $60 Sales during the year totaled 271 units. What is the cost of ending inventory? Answer is complete but not entirely correct
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