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A record of transactions for the month of May was as follows: May Purchases May 1 (balance) 450 @ $5.00 4 1,350 @ $4.90 8
A record of transactions for the month of May was as follows: May Purchases May 1 (balance) 450 @ $5.00 4 1,350 @ $4.90 8 805 @ $5.10 14 705 @ $5.20 22 1,240 @ $5.30 29 600 @ $5.35 Sales 3 225 @ $8.00 6 1,090 @ 8.00 905 @ 8.50 18 470 @ 8.50 25 1,420 @ 9.00 12 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO. Ending inventory $
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Intermediate Accounting IFRS
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
3rd edition
978-1119372936
