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Use the information below to answer the following question. Conover Company sells decorative pillows for $80 each. The following was taken from the inventory records
Use the information below to answer the following question.
Conover Company sells decorative pillows for $80 each. The following was taken from the inventory records during July. The company had no beginning inventory on July 1.
Date | Pillows | Units | Cost |
July 2 | Purchase | 7 | $40 |
9 | Sale | 5 |
|
16 | Purchase | 12 | $44 |
19 | Sale | 8 |
|
22 | Sale | 5 |
|
30 | Purchase | 12 | $50 |
Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of July using the LIFO inventory cost method.
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