GTI Company uses a perpetual inventory system. It entered into the following purchase and sale...
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GTI Company uses a perpetual inventory system. It entered into the following purchase and sale transactions for April: Date Activity Units acquired at cost Units sold at retail April 1 beginning inventory 20 units @ $3,000/unit April 5 purchase 30 units @ $3,500/unit April 9 sale 35 units @ $12,000/unit April 18 purchase 5 units @ $4,500/unit April 25 purchase 10 units @ $4,800/unit April 29 sale 25 units @ $14,000/unit TOTALS 65 units 60 units Compute the ending inventory for the month using LIFO: $215,500 $24,000 $20,000 $220,500 $211,500 $15,000
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