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Question 14 A record of transactions for the month of May was as follows: May Purchases May 1 (balance) 470 @ $5.20 1,370 @ $5.10

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Question 14 A record of transactions for the month of May was as follows: May Purchases May 1 (balance) 470 @ $5.20 1,370 @ $5.10 880 @ $5.30 780 @ $5.40 1,250 @ $5.50 29 600 @ $5.55 Sales 3 235 @ $7.00 6 1,030 @ 7.00 12 980 @ 7.50 18 400 @ 7.50 25 1,420 @ 8.00 0 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO. Ending inventory

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