Calculate the Ending Inventory Using LIFO for a Company That

Essay

Calculate the ending inventory using LIFO for a company that uses a perpetual inventory system,using the information given below.
$$\begin{array} { | l | c | r | } \hline & \text { Units } & \text { Unit Cost } \\\hline \text { Beginning inventory } & 100 & \$ 10 \\\hline \text { Aug. 5 purchased } & 40 & 12 \\\hline \text { Aug. 10 sold } & 60 & -\\\hline \text { Aug. 15 purchased } & 70 & 13 \\\hline \text { Aug. 25 sold } & 50 &- \\\hline\end{array}$$