Skysong has the following inventory data: July 1 ...
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Accounting
Skysong has the following inventory data:
| July 1 | Beginning inventory | 25 units at $4.90 | ||
| 5 | Purchases | 98 units at $5.40 | ||
| 14 | Sale | 66 units | ||
| 21 | Purchases | 49 units at $5.90 | ||
| 30 | Sale | 46 units |
Assuming that a perpetual inventory system is used, what is the value of ending inventory on a LIFO basis for July?
$940.80
$313.00
$627.80
$477.50
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