Inventory Valuation under Specific Identification Method Calculate the value of ending inventory for a jewelry store that sold 10 diamond rings during the month, with the following purchase prices Diamond Ring 1 $5,000 Diamond Ring 2 $6,000 Diamond Ring 3 $7,500 Diamond Ring 4 $4,800 Diamond Ring 5 $5,200 Diamond Ring 6 $6,300 Diamond Ring 7 $5,700 Diamond Ring 8 $4,500 Diamond Ring 9 $6,800 Diamond Ring 10 $5,900

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Question: Inventory Valuation under Specific Identification Method: Calculate the value of ending inventory for a jewelry store that sold 10 diamond rings during the month, with

Inventory Valuation under Specific Identification Method: Calculate the value of ending inventory for a jewelry store that sold 10 diamond rings during the month, with the following purchase prices:

Diamond Ring 1: $5,000
Diamond Ring 2: $6,000
Diamond Ring 3: $7,500
Diamond Ring 4: $4,800
Diamond Ring 5: $5,200
Diamond Ring 6: $6,300
Diamond Ring 7: $5,700
Diamond Ring 8: $4,500
Diamond Ring 9: $6,800
Diamond Ring 10: $5,900

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