A company made the following merchandise purchases and sales during the month of May:May 1Purchased380 units at$15 eachMay 5Purchased270 units at$17 eachMay 10Sold400 units at$50 eachMay 20Purchased300 units at$22 eachMay 25Sold400 units at$50 eachThere was no beginning inventory. If the company uses the LIFO periodic inventory method, what would be the cost of the ending inventory?
What will be an ideal response?
| 380 units × $15 each = | $5,700 |
| 270 units × $17 each = | 4,590 |
| 300 units × $22 each = | 6,600 |
| 950 units | $16,890 |
| 800 units sold | ? |
| 150 units in ending inventory | ? |
| ? | ? |
| Cost of ending inventory = 150 * $15 each = | $2,250 |
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