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Use the following information for the month of May May 1 Beginning inventory 20 units @ $18 7 Purchases 70 units @ $20 18 Sales

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Use the following information for the month of May May 1 Beginning inventory 20 units @ $18 7 Purchases 70 units @ $20 18 Sales 25 units 22 Purchases 50 units @ $23 29 Sales 40 units Assuming that a perpetual inventory system is used, what is ending inventory on a LIFO basis? Select one: O a. $1,350 a. Ob. $1,490 O.c. $1,460 d. $1,650 e. $1,725

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