Question
Raptor Books has the following inventory schedule for its Financial Accounting textbooks. Use this inventory schedule to answer the following questions Date Quantity Unit Cost
Raptor Books has the following inventory schedule for its Financial Accounting textbooks. Use this inventory schedule to answer the following questions
| Date | Quantity | Unit Cost | Sale Price |
Beginning Inventory | March 1 | 30 | $80 | |
Purchase | March 5 | 35 | $90 | |
Sale | March 10 | 45 | $160 | |
Purchase | March 17 | 30 | $95 | |
Purchase | March 22 | 40 | $98 | |
Sale | March 26 | 45 | $165 |
If the company uses Last-in, First-out (LIFO) to account for its inventory, what is the company's Cost of Goods Sold for the month?
If the company uses Last-in, First-out (LIFO) to account for its inventory, what is the company's Ending Inventory balance (in $) for the month?
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