Periodic inventory system-balance sheet using lifo method

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Reference no: EM131267685

ABC Company employs a periodic inventory system and sells its inventory to customers for $20 per unit. ABC Company had the following inventory information available for the month of May: May 1 Beginning inventory 2,000 units @ $12 cost per unit May 8 Sold 600 units May 13 Purchased 1,400 units @ $10 cost per unit May 18 Sold 800 units May 19 Sold 300 units May 21 Purchased 1,700 units @ $18 cost per unit May 28 Purchased 1,400 units @ $16 cost per unit May 30 Sold 900 units During May, ABC Company reported operating expenses of $3,000 and had an income tax rate of 35%. Calculate the dollar amount of ending inventory shown on ABC's May 31 balance sheet using the LIFO method. Do not use decimals in your answer.

Reference no: EM131267685

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