why is the answer $4,110. can someone work it out for me please. system, The ran

Question

why is the answer $4,110. can someone work it out for me please.

system, The ransactions for the month of June weres Purchases June 1 (balance) 800 @ $3.20 June 2 60055.50 Sales 2.200 a 3.10 1.200 3.30 1,800 a 3.40 500 a 3.50 6 1,600@ 5.50 9 1,000 a 5.50 10 400 6.00 18 1,400 @ 6.00 25 200 6.00 15 I1. Assuming that perpetual inventory records are kept in units only, the ending inventory on a LIFO basis is A) $4,110. B) $4.160 C) $4,290. D) $4.470. Milford Company had 500 units of "Tank" in its inventory at a cost of $4 each. It nurchased, for $2,800, 300 more units of "Tank". Milford then sold 400 units at a 12.

Explanation / Answer

Ans C $4290 liFO Method $ Purchases Cost of sales Date Units Cost Total Date Units Cost Total Units Cost Sub Total Total Opening balance 800 3.2 2560 2-Jun 600 3.2 1920 200 3.2 640 0 200 640 3-Jun 2200 3.1 6820 200 3.2 640 2200 3.1 6820 2400 7460 7460 0 6-Jun 1600 3.1 4960 200 3.2 640 600 3.1 1860 800 2500 2500 7-Jun 1200 3.3 3960 200 3.2 640 600 3.1 1860 1200 3.3 3960 2000 6460 6460 9-Jun 1000 3.3 3300 200 3.2 640 600 3.1 1860 200 3.3 660 1000 3160 3160 10-Jun 200 3.3 660 200 3.2 640 200 3.1 620 400 3.1 1240 600 1880 1880 15-Jun 1800 3.4 6120 200 3.2 640 400 3.1 1240 1800 3.4 6120 2400 8000 8000 18-Jun 1400 3.4 4760 200 3.2 640 400 3.1 1240 400 3.4 1360 1000 3240 3240 22-Jun 500 3.5 1750 200 3.2 640 400 3.1 1240 400 3.4 1360 500 3.5 1750 1500 4990 4990 25-Jun 200 3.5 700 200 3.2 640 400 3.1 1240 400 3.4 1360 300 3.5 1050 Ending Inventory 1300 4290 Total 5700 18650 Is the answer $4110? But according to the calculation the ending Inventory is $4290

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