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A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 480 @ $5.00 May 3 240 @ $7.00

A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 480 @ $5.00 May 3 240 @ $7.00 4 1,400 @ $4.90 6 1,040 @ 7.00 8 880 @ $5.10 12 980 @ 7.50 14 780 @ $5.20 18 410 @ 7.50 22 1,200 @ $5.30 25 1,440 @ 8.00 29 600 @ $5.35 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO. Ending inventory

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