TASK #2. Perpetual LIFO A record of transactions for the month of May was as follows: Purchases Sales May I(balance) 400 S5.20 May 3 6 1,000 7.00 12 900 7.50 18 400 7.50 25 1,400 8.00 200 a $7.00 1,300 $5.10 800 $5.30 700 $5.40 1,200 $5.50 500 $5.55 14 29 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO