Activities Beginning inventory Purchase Date August 1 August 5 August 10 August 15 August 25 Sale Purchase Sale Use the above information to calculate ending inventory using LIFO for a company that uses a perpetual inventory system. August 1 August 5 Date Total August 5 August 10 August 15 Total August 15 August 25 Total August 25 Goods purchased Number of Cost per units unit 70 at $12.00 100 at $ 13.00 Units Acquired at Cost 130 units @ $10 = $1,300 70 units @ $12 = $840 100 units @ $13 = $1,300 Number of units sold 70 at 20 at Cost of Goods Sold Cost per unit $ 12.00 = $ 10.00 = Cost of Goods Sold Units Sold at Retail $ $ 840.00 200.00 $ 1,040.00 LA LA LA 90 units sold 80 units sold Number of units 130 at 130 at 70 at at 100 at 80 90 Inventory Balance Cost per unit Inventory Balance $ $ $ $ 10.00 = $ 10.00 = 12.00 = 13.00 = $ $ $ 1,300.00 1,300.00 840.00 2,140.00 1,300.00 1,300.00

Use the above information to calculate ending inventory using LIFO for a company that uses a perpetualinventory system