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A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 430 @ $5.40 May 3 215 @ $7.00
A record of transactions for the month of May was as follows:
| Purchases | Sales | |||||||||
| May | 1 | (balance) | 430 @ | $5.40 | May | 3 | 215 @ | $7.00 | ||
| 4 | 1,300 @ | $5.30 | 6 | 1,030 @ | 7.00 | |||||
| 8 | 880 @ | $5.50 | 12 | 980 @ | 7.50 | |||||
| 14 | 780 @ | $5.60 | 18 | 430 @ | 7.50 | |||||
| 22 | 1,260 @ | $5.70 | 25 | 1,430 @ | 8.00 | |||||
| 29 | 600 @ | $5.75 | ||||||||
Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.
| Ending inventory | $ |
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Financial Accounting An International Introduction
Authors: David Alexander, Christopher Nobe
6th Edition
1292102993, 978-1292102993
