Based on the information provided and assuming The Downtown Appliance Center, Inc. uses a perpetual inventory system and the last-in, first-out (LIFO) inventory method, determine cost of goods sold and ending inventory balance.

Based on the information provided and assuming The Downtown Appliance Center, Inc. uses a perpetual inventory system and the first-in, first-out (FIFO) inventory method, determine cost of goods sold and ending inventory balance.

Exercises 4.19 through 4.25 are based on the following information. The Downtown Appliance Center, Inc. is a retailer of consumer appliances. One of its products is the Auto-Off Iron which had the following beginning inventory, purchase, and sales history during the current year #Of Irons 7 Cost per lron $23 $26 $30 Total Cost $161 $364 $270 $795 January 1 inventory November 10 purchases Available for sale July 14 sales December 31 inventory 9 30 20 10 The selling price of each Auto-Off Iron all year was $40