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Assume the periodic inventory system is used determine the

Problem

A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 310 units. 130 units remain in ending inventory at January 31.

	Units	Unit Cost
Beginning inventory on January 1	280	$ 2.60
Purchase on January 9	60	2.80
Purchase on January 25	100	2.94

Assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method.

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