Snug-As-A-Bug Blankets has the following inventory data: 
Assuming that a perpetual inventory system is used, what is the ending inventory on a LIFO basis for July?
Definitions:
Financing Leases
Long-term lease agreements where the lessee assumes many of the economic risks and rewards of ownership.
Lease Liability
A financial obligation representing future lease payments owed by a lessee under a lease agreement.
Introductory Section
The initial part of a financial report or document that outlines its scope, purpose, and structure.
CAFR
Comprehensive Annual Financial Report, a detailed financial report used by governments to provide a complete overview of their financial status, including revenues, expenditures, and debt.
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