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What is the closing inventory if the periodic inventory system is used?
During the last year, an organization had an opening inventory of $300,000, purchases of $980,000, sales of $1,850,000, and a gross margin of 40 percent .
What is the closing inventory if the periodic inventory system is used?
A . $170,000
B . $280,000
C . $300,000
D . $540,000
Answer: A
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