Lowery Company uses a perpetual inventory system. The following information is available for the month...

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Accounting

Lowery Company uses a perpetual inventory system. The following information is available for the month of March:
Mar. 1 On hand, 10 units at $2 each $20
4 Sold 8 units for $10 each 80
22 Purchased 50 units at $4 each 200
26 Sold 48 units for $10 each 480
If the company uses the FIFO inventory costing method, how much is ending inventory at March 31?
a. $8
b. $40
c. $16

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