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A record of transactions for the month of May was as follows: Purchases Sales May 1...

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

Purchases

Sales

May

1

(balance)

470 @

$5.20

May

3

235 @

$7.00

4

1,400 @

$5.10

6

1,050 @

7.00

8

880 @

$5.30

12

980 @

7.50

14

780 @

$5.40

18

410 @

7.50

22

1,300 @

$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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