Question: Abalone Corp. uses a periodic inventory system. Jul 1 Beginning inventory 20 units @ $19 7 Purchases 70 units @ $20 Purchases 10 units @

Abalone Corp. uses a periodic inventory system. Jul 1 Beginning inventory

Abalone Corp. uses a periodic inventory system. Jul 1 Beginning inventory 20 units @ $19 7 Purchases 70 units @ $20 Purchases 10 units @ $22 1,400 A physical count of merchandise inventory on July 31 shows that 25 units are on hand. Under the FIFO cost method, ending inventory at July 31 was Se ec. ore: b. 1,500 c. 500 d. 1.480

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