Question: Queenstown Ltd began its operations on 1 May 2015. It uses a perpetual inventory system. During July the business had the following purchases and

Queenstown Ltd began its operations on 1 May 2015. It uses a perpetual inventory system. During July the business had the following purchases and sales: Date May 1 May 12 Ma 24 Ma 29 Units 600 400 Purchases Unit cost $100 $105 Sales units 500 300 a. Calculate the ending inventory at the end of May using FIFO.

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