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A small-appliance merchant using the average cost method of valuing inventory has 65 toasters remaining in inventory. The merchant purchased toasters over a three-month period as follows: 40 purchased at $8.00 on April 1, 60 purchased at $7.70 on May 1, and 20 purchased at $7.80 on June 1. Compute the value of the ending inventory of toasters at average cost.
Inferior Good
A type of good for which demand decreases when consumer income rises, unlike normal goods where demand increases with rising income.
Chili Peppers
Fruit of plants from the genus Capsicum, used worldwide as a spice or vegetable, known for their hot and spicy flavor.
Daily Aspirin
A regimen of taking aspirin every day, often recommended to reduce the risk of heart attack or stroke.
Heart Attack
A medical emergency that occurs when the flow of blood to the heart is blocked, causing heart muscle damage or death.
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