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Financial Accounting

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Moderate

Inventory Valuation Perpetual LIFO

FINACT-EAEML3

The inventory records of Martin Corporation reflect the following information for the month of August:

Date Transaction Quantity Unit Cost
8/01/2015 Beginning Inventory 300 \$5
8/03/2015 Purchase #1 500 \$6
8/05/2015 Sale #1 600
8/07/2015 Sale #2 100
8/11/2015 Purchase #2 1,900 \$7
8/17/2015 Sale #3 750
8/21/2015 Sale #4 500
8/28/2015 Purchase #3 1,000 \$9
8/29/2015 Sale #5 550


If Martin uses the perpetual inventory system and the LIFO (Last-in, First-out) valuation method, calculate the following amounts at the end of August: