The riley compnay reports the following for the month of Novemeber

Date Explanation Units Unit cost or unit selling price

11/1 Inventory 300 $10

11/8 Purchase 300 $11

11/10 Sale 200 $25

11/18 Purchase 50 $12

11/25 Sale 300 $28

1. The Riley company uses a perpetual system, Calculate the cost of the ending inventory at 11/30 and the cost of goods sold for the month of November under the LIFO cost flow assumption.

2. Prepare journal entry to record the sale on 11/25 assuming that the sale was on credit.