Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual
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Question:
Given the following information, determine the cost of the inventory at June 30 using the LIFO perpetual inventory method.
Date Activities Units Acquired at Cost Units Sold at Retail
June 1 Beginning inventory 15 units @ $40 $600
June 15 Sale 6 units @ $70
June 29 Purchase 8 units @ $45 $360
Calculate the cost of the ending inventory.
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