Question
Inventory Valuation : LIFO Perpetual Inventory Method The Smith Toy Company had the dfollowing transactions during 2022: 01/02 - Beginning Inventory Balance 150 Units @
Inventory Valuation : LIFO Perpetual Inventory Method The Smith Toy Company had the dfollowing transactions during 2022: 01/02 - Beginning Inventory Balance 150 Units @ $25 03/10 - Purchase 125 Units @ $32 04/10 - Sold 190 Units 05/25 - Purchase 35 Units @ $40 06/10 - Sold 80 Units Use a blank Perpetual Cost Sheet to solve this problem! REQUIRED: Using the LIFO Method at 06/30/22, 1) Compute the Ending Inventory (Units and Dollar Amount) 2) Compute the Cost of Goods Sold (Units and Dollars) 3) Compute the Gross Profit: Assume The Selling Price for the units Sold is $60.
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