Question 10

A record of transactions for the month of May was as follows:

Purchases						Sales
May	1	(balance)	480 @	$5.40		May	3	240 @	$7.00
	4		1,350 @	$5.30			6	1,000 @	7.00
	8		800 @	$5.50			12	900 @	7.50
	14		700 @	$5.60			18	500 @	7.50
	22		1,290 @	$5.70			25	1,300 @	8.00
	29		600 @	$5.75

Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.

Ending inventory

$

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