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Determine the dollar value for ending inventory

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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 $12.50

5/10 Sales 300 $25

5/15 Purchase 200 $14.00

5/20 Sales 250 $28

5/25 Purchase 150 $12.50

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

Reference no: EM132589379

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