Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Salisbury Company uses the perpetual inventory system and had the following inventory & sales activity for the month of May 2019:
Date Activity Quantity Unit Price
5/1 Beginning Inventory 175 $12.00
5/5 Purchase 200 $11.50
5/10 Sales 300 $25
5/15 Purchase 200 $12.50
5/20 Sales 250 $28
5/25 Purchase 150 $14.00
Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.