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  3. a company uses the perpetual inventory system and

A company uses the perpetual inventory system and recorded the following entry: 2,500 Accounts Payable...

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Accounting

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A company uses the perpetual inventory system and recorded the following entry: 2,500 Accounts Payable Merchandise Inventory Cash 50 2,450 This entry reflects a: Purchase of merchandise on credit. Return of merchandise. Sale of merchandise on credit. Payment of the account payable less a 2% cash discount taken. Payment of the account payable less a 1% cash discount taken. A company had the following purchases and sales during its first year of operations: Sales 6 units January: February: 5 units Purchases 10 units at $120 20 units at $125 15 units at $130 12 units at $135 10 units at $140 May: 9 units September: 8 units 13 units November: On December 31, there were 26 units remaining in ending inventory. Using the perpetual LIFO inventory costing method, what is the cost of the ending inventory? (Assume all sales were made on the last day of the month.) $3,405. $3,270. $3,200. $3,364. $5,400

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