Lawrence owns a small candy store that sells one type of candy. His beginning inventory of candy was made up of 10,000 boxes costing $1.50 per box ($15,000), and he made the following purchases of candy during the year: March 1 10,000 boxes at $1.60 $16,000 August 15 20,000 boxes at $1.60 32,000 November 20 10,000 boxes at $1.75 17,500 At the end of the year, Lawrence's inventory consisted of 15,000 boxes of candy.