Use this inventory information for the month of May to answer the following questions. May 1 Beginning inventory 40 units @ $76 7 Purchase 140 units @ $80 18 Sale 50 units 22 Purchase 20 units @ $88 29 Sale 80 units Assuming that a perpetual inventory system is used, what is ending inventory on a LIFO basis?
A) More information is needed.
B) $10,240
C) $5,440
D) $5,760
C
Business
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