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A company just starting business made the following purchases in August:August 1 300 units $1,560August 12 400 units 2,340August 24 400 units 2,520August 30 300 units 1,980 1,400 units $8,400A physical count of the inventory on August 31 reveals that there are 500 units on hand. Using the FIFO inventory method in a perpetual inventory system, how much is the value of the ending inventory on August 31?

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