Question: USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT TWO QUESTIONS Use the following information for the month of May: May 1 Beginning inventory 40 units

USE THE FOLLOWING INFORMATION TO ANSWER THE NEXT TWO QUESTIONS Use the following information for the month of May: May 1 Beginning inventory 40 units @ $16 7 Purchases 70 units @ $20 18 Sales 25 units 22 Purchases 40 units @ $22 29 Sales 20 units 4. Assuming that a LIFO perpetual inventory system is used, what is ending inventory? a) c) $1,880 $1,980 $2,080 $2,030 $1,830 e) 5. Using the LIFO periodic inventory system, what is Cost of Goods Sold? a) b) c) $980 $990 $940 $720 $820

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