A company made the following merchandise purchases and sales during the month of May:
$$\begin{array} { | l | l | l | l | }
\hline \text { May 1 purchased } & 380 & \text { units at } & \$ 15 \text { each } \
\hline \text { May 5 purchased } & 270 & \text { units at } & \$ 17 \text { each } \
\hline \text { May 10 sold } & 400 & \text { units at } & \$ 50 \text { each } \
\hline \text { May 20 purchased } & 300 & \text { units at } & \$ 22 \text { each } \
\hline \text { May 25 sold } & 400 & \text { units at } & \$ 50 \text { each } \
\hline
\end{array}$$
There was no beginning inventory. If the company uses the LIFO periodic inventory method, what would be the cost of the ending inventory?

Question

A company made the following merchandise purchases and sales during the month of May:
$$\begin{array} { | l | l | l | l | } 
\hline \text { May 1 purchased } & 380 & \text { units at } & \$ 15 \text { each } \
\hline \text { May 5 purchased } & 270 & \text { units at } & \$ 17 \text { each } \
\hline \text { May 10 sold } & 400 & \text { units at } & \$ 50 \text { each } \
\hline \text { May 20 purchased } & 300 & \text { units at } & \$ 22 \text { each } \
\hline \text { May 25 sold } & 400 & \text { units at } & \$ 50 \text { each } \
\hline
\end{array}$$
There was no beginning inventory. If the company uses the LIFO periodic inventory method, what would be the cost of the ending inventory?

Quizplus · Accepted Answer

The Answer of A company made the following merchandise purchases and sales during the month of May:
$$\begin{array} { | l | l | l | l | } 
\hline \text { May 1 purchased } & 380 & \text { units at } & \$ 15 \text { each } \
\hline \text { May 5 purchased } & 270 & \text { units at } & \$ 17 \text { each } \
\hline \text { May 10 sold } & 400 & \text { units at } & \$ 50 \text { each } \
\hline \text { May 20 purchased } & 300 & \text { units at } & \$ 22 \text { each } \
\hline \text { May 25 sold } & 400 & \text { units at } & \$ 50 \text { each } \
\hline
\end{array}$$
There was no beginning inventory. If the company uses the LIFO periodic inventory method, what would be the cost of the ending inventory?

A Company Made the Following Merchandise Purchases and Sales During