Question

The following inventory information for ABC Company is given for the month of November: November 1...

The following inventory information for ABC Company is given
for the month of November:

November 1    Beginning inventory 740 units @ $2.00 cost per unit
November 7    Purchased 400 units @ $7.14 cost per unit
November 15   Sold 500 units
November 19   Purchased 200 units @ $5.58 cost per unit
November 28   Sold 600 units
November 30   Purchased 700 units @ $8.00 cost per unit

Calculate the dollar amount of ending inventory shown on ABC
Company's November 30 balance sheet using the LIFO method.
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