Mercedes brown starts a merchandising business on december 1 and
Mercedes Brown starts a merchandising business on December 1 and enters into three inventory purchases:
Brown sells 18 units for $35 each on December 15. Seven of the sold units are from the December 7 purchase and eleven are from the December 14 purchase. Brown uses a perpetual inventory system. Determine the costs assigned to the December 31 ending inventory based on FIFO.
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