Question: Using the following information: Abalone Corp. uses a periodic inventory system. Jul 1 Beginning inventory 20 units @ $19 $ 380 7 Purchases 70 units

Using the following information: Abalone Corp. uses a periodic inventory system. Jul 1 Beginning inventory 20 units @ $19 $ 380 7 Purchases 70 units @ $20 1,400 22 Purchases 10 units @ $22 220 $2,000 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: O a. $480. O b. $500. c. $1,500. O d. $1,480

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