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Question(s) / Instruction(s):

A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 360 units.

                                                         Units     Unit Cost

Beginning inventory on January 1           320         $6.00   

Purchase on January 9                           85           6.40   

Purchase on January 25                         110          6.60  

Required:

What is the cost of the 155 units that remain in ending inventory at January 31, assuming costs are assigned based on a periodic inventory system and use of FIFO?

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