Question 1 of 28
A manufacturing company has a beginning inventory of 1,000 units of a product, each valued at $50. During the month, the company purchased an additional 500 units at a cost of $60 each. At the end of the month, a physical count revealed that there were only 1,200 units on hand. The company uses the FIFO (First-In, First-Out) method for inventory valuation. What is the value of the ending inventory based on the FIFO method?
$72,000
$66,000
$70,000
$68,000

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