accounting test bank: Inventory costing using LIFO/perpetual system

Inventory costing using LIFO/perpetual system

A record of transactions for the month of May was as follows:

Purchases

May 01, 400 @ $4.20 (balance)
May 04, 1,300 @ $4.10
May 08, 800 @ $4.30
May 14, 700 @ $4.40
May 22, 1,200 @ $4.50
May 29, 500 @ $4.55

Sales

May 03, 300 @ $7.00
May 06, 1,000 @ 7.00
May 12, 900 @ 7.50
May 18, 400 @ 7.50
May 25, 1,400 @ 8.00

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

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