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Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs: April 5 $ 10
Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs:
| April 5 | $ 10 |
|---|---|
| April 10 | $ 12 |
| April 15 | $ 14 |
| April 20 | $ 16 |
| April 22 | $ 17 |
One unit is sold on April 25. The company uses the last-in, first-out (LIFO) inventory costing method. Identify the cost of the ending inventory on the balance sheet.
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