A Company Made the Following Merchandise Purchases and Sales During

question 55

Essay

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?

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Definitions:

Sensitive

Capable of detecting or responding to slight changes, signals, or influences.

Mutualism

A type of symbiotic relationship where both participants benefit.

Benefit

A benefit is an advantage or profit gained from something.

Commensalism

A relationship between two living organisms where one benefits without harming the other.