Question
Charter Company, which uses the perpetual inventory method, purchases different letters for resale. Character had a beginning inventory comprised of nine units at $4 per
Charter Company, which uses the perpetual inventory method, purchases different letters for resale. Character had a beginning inventory comprised of nine units at $4 per unit. The company purchased five units at $6 per unit in February, sold eleven units in October, and purchased two units at $7 per unit in December.
Use the information above to answer the following question. If Charter Company uses the LIFO method, what is the cost of its ending inventory?
Use the information above to answer the following question. If Charter Company uses the LIFO method, what is the cost of goods sold for the year?
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