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During July, the following purchases and sales were made by Crane Company. There was no beginning inventory. Crane Company uses a perpetual inventory system. Purchases

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During July, the following purchases and sales were made by Crane Company. There was no beginning inventory. Crane Company uses a perpetual inventory system. Purchases 46 units @ $8 July 3 July 13 Sales 56 units 23 units 11 22 46 units @ $9 23 units @ $11 20 Under the LIFO method, the cost of goods sold for each sale is: July 13 July 22 $506 $184 O $504 $253 O $616 $207 O $494 $253

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