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A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 430 @ $5.00 May 3 215 @ $7.00
A record of transactions for the month of May was as follows:
Purchases | Sales | |||||||||
May | 1 | (balance) | 430 @ | $5.00 | May | 3 | 215 @ | $7.00 | ||
4 | 1,390 @ | $4.90 | 6 | 1,080 @ | 7.00 | |||||
8 | 820 @ | $5.10 | 12 | 920 @ | 7.50 | |||||
14 | 720 @ | $5.20 | 18 | 410 @ | 7.50 | |||||
22 | 1,240 @ | $5.30 | 25 | 1,410 @ | 8.00 | |||||
29 | 580 @ | $5.35 |
Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.
Ending inventory | $ |
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