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The units of an item available for sale during the year were as follows: ...

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Accounting

The units of an item available for sale during the year were as follows:

Jan 1 Inventory 24 units at 129
April 15 Purchase 130 units at 114
September 9 Purchase 24 units at 121

There are 53 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the last-in, first-out (LIFO)

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