Question: Knowledge Check 01 Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs {:[

Knowledge Check 01 Assume that we use a perpetual inventory system and that five identical units are purchased at the following dates and costs {:[" April 5 ",$10],[" April 10 ",$12],[" April 15 ",$14],[" April 20 ",$16],[" April 22 ",$17]:} One unit is sold on April 25. The company uses the last-in, first-out (LIFO) inventory costing method. Identify the cost of the ending inventory on the balance sheet. Cost of the ending inventory 22

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