Exercise 2 LIFO Perpetual

Lighting Designs by Laura has the following list of beginning inventory, purchases, and sales for the month of May:

1^st Beginning Inventory 500 light bulbs at $0.75

6^th Purchase 300 light bulbs at $0.55

9^th Sale 650 light bulbs

12^th Purchase 200 light bulbs at $0.60

16^th Sale 275 light bulbs

22^nd Purchase 200 light bulbs at $0.65

30^th Sale 125 light bulbs

Calculate the cost of ending inventory using the last-in, first-out method under a perpetual inventory system.