Clear Clarinets Has the Following Inventory Data Assuming That a Periodic Inventory System Is Used What Is

Clear Clarinets has the following inventory data: $$\begin{array} { r l l } \text { July } 1 & \text { Beginning inventory } & 50 \text { units at } \$ 120 \\5 & \text { Purchases } & 300 \text { units at } \$ 112 \\14 & \text { Sale } & 200 \text { units } \\21 & \text { Purchases } & 150 \text { units at } \$ 115 \\30 & \text { Sale } & 140 \text { units }\end{array}$$ Assuming that a periodic inventory system is used what is the amount allocated to ending inventory on a FIFO basis?

A) $18220
B) $18370
C) $38480
D) $38530

Correct Answer:

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