Question

In: Accounting

A record of transactions for the month of May was as follows: Purchases Sales May 1...

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 $

Solutions

Expert Solution

Ending Inventory using LIFO method = $5,575

ekkarill92 answered 3 years ago
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