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The following data are available for a company: (Click the icon to view the information.) Assume a perpetual inventory system. Using the FIFO inventory costing
The following data are available for a company: (Click the icon to view the information.) Assume a perpetual inventory system. Using the FIFO inventory costing method, what is cost of goods sold for the year? $ : Using the LIFO inventory costing method, what is the cost of ending inventory? $ Transaction Units Unit Cost 3,800 17.80 4,300 16.40 16.70 17.40 Beginning inventory 1/1 Purchases, January 23 Purchases, February 14 Purchases, March 17 Units Sold - April 13 at $24 Purchases, May 5 Purchases, July 4 Units Sold - October 31 at $23 Purchases, November 22 1,000 2,800 9,500 5,900 3,800 8,600 15.10 16.60 1,500 15.50
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