In: Accounting
A record of transactions for the month of May was as
follows:
Purchases | Sales | |||||||||
May | 1 | (balance) | 400 @ | $5.00 | May | 3 | 200 @ | $7.00 | ||
4 | 1,300 @ | $4.90 | 6 | 1,000 @ | 7.00 | |||||
8 | 800 @ | $5.10 | 12 | 900 @ | 7.50 | |||||
14 | 700 @ | $5.20 | 18 | 400 @ | 7.50 | |||||
22 | 1,200 @ | $5.30 | 25 | 1,400 @ | 8.00 | |||||
29 | 500 @ | $5.35 |
Assuming that perpetual inventory records are kept in dollars,
determine the ending inventory using LIFO.
Ending inventory | $ |