Problem: 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
|
|
05-Jan
|
Beginning Inventory
|
175
|
$10.00
|
|
05-May
|
Purchase
|
200
|
$12.50
|
|
05-Oct
|
Sales
|
300
|
$25
|
|
May-15
|
Purchase
|
200
|
$13.50
|
|
May-20
|
Sales
|
250
|
$28
|
|
May-25
|
Purchase
|
150
|
$13.50
|
Required: Using the LIFO method, determine the dollar value for Ending Inventory at the end of month of May.
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