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Question

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

$11.50

5/5

Purchase

200

$11.50

5/10

Sales

300

$25

5/15

Purchase

200

$13.50

5/20

Sales

250

$28

5/25

Purchase

150

$13.50

Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May. Round to the nearest cent.

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