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During July, the following purchases and sales were made by Wildhorse Company. There was no beginning inventory. Wildhorse Company uses a perpetual inventory system. Purchases
During July, the following purchases and sales were made by Wildhorse Company. There was no beginning inventory. Wildhorse Company uses a perpetual inventory system. Purchases 50 units @ $10 July 3 July 13 Sales 58 units 17 units 11 22 50 units @ $11 17 units @ $13 20 Under the LIFO method, the cost of goods sold for each sale is: July 13 July 22 $630 $221 $754 $187 $650 $170 $638 $221
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