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A record of transactions for the month of May was as follows: ...

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Accounting

A record of transactions for the month of May was as follows:

Purchases Sales
May 1 (balance) 400 @ $5.20 May 3 200 @ $7.00
4 1,300 @ $5.10 6 1,000 @ 7.00
8 800 @ $5.30 12 900 @ 7.50
14 700 @ $5.40 18 400 @ 7.50
22 1,200 @ $5.50 25 1,400 @ 8.00
29 500 @ $5.55

Assuming that perpetual inventory records are kept in dollars, determine the ending inventory using LIFO.

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