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A record of transactions for the month of May was as follows: Purchases Sales May 1 (balance) 420 @ $5.30 May 3 210 @ $8.00
A record of transactions for the month of May was as follows:
| Purchases | Sales | |||||||||
| May | 1 | (balance) | 420 @ | $5.30 | May | 3 | 210 @ | $8.00 | ||
| 4 | 1,330 @ | $5.20 | 6 | 1,030 @ | 8.00 | |||||
| 8 | 825 @ | $5.40 | 12 | 925 @ | 8.50 | |||||
| 14 | 725 @ | $5.50 | 18 | 430 @ | 8.50 | |||||
| 22 | 1,260 @ | $5.60 | 25 | 1,425 @ | 9.00 | |||||
| 29 | 580 @ | $5.65 | ||||||||
Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.
| Ending inventory | $ |
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