Transactions for the month of June were: Purchases Sales June 1 (balance) 2,300@ $1.00 June...
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Accounting
Transactions for the month of June were:
Purchases Sales
June 1 (balance) 2,300@ $1.00 June 2 1,500 @ $3.50 3 5,700 @ 0.90 6 4,200 @ 3.50 7 4,600 @ 1.10 9 3,400 @ 3.50 15 7,000 @ 1.20 10 1,500 @ 4.00 22 1,400 @ 1.30 18 5,200 @ 4.00 25 400 @ 4.00
Assuming that perpetual inventory records are kept in dollars, what is the ending inventory on a LIFO basis?
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