Question
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019: Date Activity Quantity Unit
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019:
Date Activity Quantity Unit Price
5/1 Beginning Inventory 175 $12.00
5/5 Purchase 200 $11.00
5/10 Sales 300 $25
5/15 Purchase 200 $13.00
5/20 Sales 250 $28
5/25 Purchase 150 $14.00
Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May.Round to the nearest cent.
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
9th edition
1-119-49356-3, 1119493633, 1119493560, 978-1119493631
