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A record of transactions for the month of May was as follows: May 1 (balance) 8 14 22 Purchases 29 440 @ $5.10 1,360 @ $5.00 870@ $5.20 770@ $5.30 1,260@ $5.40 600 @ $5.45 Sales 220 @ $8.00 1,100@ $8.00 12 970@ $8.50 18 420@ $8.50 25 1,450@ $9.00 Ending inventory $ May 3 6 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.

A record of transactions for the month of May was as follows: May 1 (balance) 8 14 22 Purchases 29 440 @ $5.10 1,360 @ $5.00 870@ $5.20 770@ $5.30 1,260@ $5.40 600 @ $5.45 Sales 220 @ $8.00 1,100@ $8.00 12 970@ $8.50 18 420@ $8.50 25 1,450@ $9.00 Ending inventory $ May 3 6 Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A record of transactions for the month of May was as follows: May 1 (balance) 8 14 22 Purchases 29 440 @ 1,360 @ $5.10 $5.00 870 @ $5.20 770 @ $5.30 1,260 @ $5.40 600 @ $5.45 Ending inventory $ May 3 $8.00 $8.00 970@ $8.50 18 420@ $8.50 25 1,450@ $9.00 6 Sales 12 220 @ 1,100 @ Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.
Transcribed Image Text:A record of transactions for the month of May was as follows: May 1 (balance) 8 14 22 Purchases 29 440 @ 1,360 @ $5.10 $5.00 870 @ $5.20 770 @ $5.30 1,260 @ $5.40 600 @ $5.45 Ending inventory $ May 3 $8.00 $8.00 970@ $8.50 18 420@ $8.50 25 1,450@ $9.00 6 Sales 12 220 @ 1,100 @ Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.
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