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The firm uses the perpetual inventory system and there are

Question: Beginning inventory, purchases, and sales for an inventory item are as follows:

Beginning inventory	150 units @ $755
Sale	120 units
First purchase	400 units @ $785
Sale	200 units
Second purchase	300 units @ $805
Sale	290 units

The firm uses the perpetual inventory system and there are 240 units of the item on hand at the end of the year. What is the total cost of ending inventory according to LIFO?

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Accounting Basics: The firm uses the perpetual inventory system and there are

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