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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) 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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ekkarill92 answered 2 years ago
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