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A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 400 @ $5.20 May 3 200 @ $7.00
A record of transactions for the month of May was as follows:
| Purchases | Sales | |||||||||
| May | 1 | (balance) | 400 @ | $5.20 | May | 3 | 200 @ | $7.00 | ||
| 4 | 1,300 @ | $5.10 | 6 | 1,000 @ | 7.00 | |||||
| 8 | 800 @ | $5.30 | 12 | 900 @ | 7.50 | |||||
| 14 | 700 @ | $5.40 | 18 | 400 @ | 7.50 | |||||
| 22 | 1,200 @ | $5.50 | 25 | 1,400 @ | 8.00 | |||||
| 29 | 500 @ | $5.55 | ||||||||
Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.
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