Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the
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Question:
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019:
Date | Activity | Quantity | Unit Price |
5/1 | Beginning Inventory | 175 | $12.00 |
5/5 | Purchase | 200 | $11.50 |
5/10 | Sales | 300 | $25 |
5/15 | Purchase | 200 | $12.50 |
5/20 | Sales | 250 | $28 |
5/25 | Purchase | 150 | $14.00 |
Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
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