Question: Microsoft has the following inventory data: 1-Jul Beginning inventory 12 units at $19 each 5-Jul Purchases 60 units at $24 each 14-Jul Sale 55 units

Microsoft has the following inventory data:
1-Jul Beginning inventory 12 units at $19 each
5-Jul Purchases 60 units at $24 each
14-Jul Sale 55 units
21-Jul Purchases 35 units at $22 each
30-Jul Sale 23 units
Assuming that a perpetual inventory system is used, what is the ending inventory on a FIFO basis as of the end of July?

Nike has the following inventory data:
1-Jul Beginning inventory 67 units at $52 each
5-Jul Purchases 350 units at $53 each
14-Jul Sale 267 units
21-Jul Purchases 395 units at $55 each
30-Jul Sale 300 units
A physical count of merchandise inventory on July 31 reveals that there are 245 units on hand. Using the periodic LIFO inventory method, the amount allocated to ending inventory is?

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