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Question 14 A record of transactions for the month of May was as follows: May Purchases May 1 (balance) 450 @ $5.00 1,340 @ $4.90

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Question 14 A record of transactions for the month of May was as follows: May Purchases May 1 (balance) 450 @ $5.00 1,340 @ $4.90 840 @ $5.10 740 @ $5.20 1,260 @ $5.30 600 @ $5.35 Sales 3 225 @ $7.00 6 1,070 @ 7.00 12 940 @ 7.50 18 440 @ 7.50 25 1,400 @ 8.00 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO. Ending inventory s

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