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Skip to Main Content Brooks Company had the following information for the vear ending December 31: MERCHANDISING AND INVENTORY Use of perpetual inventory system for merchandise inventory... Vantress Beyuming inventory 230 $32 Purchase: April 6 500 40 Sale: May 4 600 Purchase: July 19 350 44 Sale: September 9 290 Purchase: October 10 120 45 Brooks uses the perpetual inventory system and the LIFO method. Aa Required: Using LIFO (a) Compute the cost of ending inventory. (b) Compute the cost of goods sold for the year. Cost of ending inventory Cost of goods sold X 5 ? Explanation Check D 2020 McGrow-Hill Education. All Rights Reserved. Terms of Use, | Privacy