The following set of questions is based on the data presented below. Assume that the company uses the PERPETUAL inventory system.
Feb.1 On hand, 200 units at $5.00 each $1,000
8 Purchased 400 units at $5.15 each 2,060
15 Sold 5 00 units
22 Purchased 400 units at $5.20 each 2,080
28 On hand, 500 units
If the LIFO method is used, what is the amount assigned to the ending inventory on February 28?
:confused: