LIFO inventory assumptions: Beginning inventory of 10 units @ $5 = $50 Purchases month #1 of 10 units @ $10 = $100 Purchases month #2 of 10 units @ $15 = $150 Cost of goods available for sale (subtotal) = $300 Less ending inventory of 10 units Equals cost of goods sold (also known as cost of sales) Under the LIFO inventory method, what is the ending inventory amount?

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