Record tge inventory , purchases , and cost of goods sold data in a perpetual inventory record similar to the one illustarted in exhibit 3 , using the last - in , first - out method . Under LIFO, if units are in inventory at two different costs , enter the units with the HIGHER unit cost first in the cost of goods sold unit cost column and LOWER unit cost first in the Inventory Unit Cost column.

June 30 Balances 2. Determine the total sales, the total cost of goods sold, and the gross profit from sales for the period. Total sales Total cost of goods sold Gross profit from sales 3. Determine the ending inventory cost as of June 30. Check My Work acer