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)	440 @	$5.80	May	3	220 @	$8.00
	4		1,320 @	$5.70		6	1,040 @	8.00
	8		895 @	$5.90		12	995 @	8.50
	14		795 @	$6.00		18	500 @	8.50
	22		1,280 @	$6.10		25	1,415 @	9.00
	29		520 @	$6.15

Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.

Ending inventory

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Expert Solution

ekkarill92 answered 1 year ago

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