Inventory Costing Methods and the Perpetual Method

Lambeth Company experienced the following events in February:

Date Event Units Unit Cost Total Cost

Feb. $1$ Purchased inventory $100$ @ $$53$ $$5,300$

Feb. $4$ Sold inventory $50$

Feb. $9$ Purchased inventory $100$ @ $$55$ $$5,500$

Feb. $27$ Sold inventory $100$

Assume the perpetual inventory system is used. Use the LIFO inventory costing method to calculate the company$$s cost of goods sold and ending inventory as of February $28.$

Total cost of goods sold Answer

Ending inventory Answer