Assuming that a perpetual inventory system is used, what is ending inventory on a LIFO basis?
June 1 Beginning inventory 20 units @$76
5 Purchase 70 units @$80
14 Sale 25 units
21 Purchase 10 units @$88
30 Sale 40 units
Answers:
a) More information is needed.
b) $5,120
c) $2,720
d) $2,880
Any help is greatly appreciated.