Question
A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 440 @ $5.80 May 3 220 @ $8.00
A record of transactions for the month of May was as follows:
| Purchases | Sales | |||||||||
| May | 1 | (balance) | 440 @ | $5.80 | May | 3 | 220 @ | $8.00 | ||
| 4 | 1,320 @ | $5.70 | 6 | 1,040 @ | 8.00 | |||||
| 8 | 895 @ | $5.90 | 12 | 995 @ | 8.50 | |||||
| 14 | 795 @ | $6.00 | 18 | 500 @ | 8.50 | |||||
| 22 | 1,280 @ | $6.10 | 25 | 1,415 @ | 9.00 | |||||
| 29 | 520 @ | $6.15 | ||||||||
Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.
| Ending inventory | $ |
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Auditing & Assurance Services
Authors: Timothy Louwers, Penelope Bagley, Allen Blay, Jerry Strawser, Jay Thibodeau
8th Edition
978-1260703733, 1260703738
