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80. Effie Company uses a periodic inventory system. Details for the inventory account for the month of January,

2012 are as follows:

                                                          Units             Per unit price              Total

Balance, 1/1/12                        200                     $5.00                  $1,000

Purchase, 1/15/12                    100                       5.30                       530

Purchase, 1/28/12                    100                       5.50                       550


An end of the month (1/31/12) inventory showed that 140 units were on hand. If the company uses LIFO, what is the value of the ending inventory?

a.  $700

b.  $728

c.  $742

d.  $762

Please explain how to get the answer.

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