Question: Tea Cup Corp. uses the periodic inventory system. During its first year of operations, Tea Cup made the following purchases (listed in chronological order of

Tea Cup Corp. uses the periodic inventory system. During its first year of operations, Tea Cup made the following purchases (listed in chronological order of acquisition):

50 units at $200 per unit

80 units at $100 per unit

160 units at $70 per unit

Sales for the year totaled 270 units, leaving 10 units on hand at the end of the year.

Ending inventory using the average cost method (rounded) is:

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