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Sheridan has the following inventory data: July 1 Beginning inventory 25 units at $5.00 5 Purchases 101 units at $5.50 14 Sale 67 units 21

Sheridan has the following inventory data:

July 1	Beginning inventory	25 units at $5.00
5	Purchases	101 units at $5.50
14	Sale	67 units
21	Purchases	50 units at $6.00
30	Sale	47 units

Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July?

$330.00

$650.50

$980.50

$497.00

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