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Vaughn Company uses the perpetual inventory system and the LIFO method. The following information is available for the month of May : May 1 Beginning
Vaughn Company uses the perpetual inventory system and the LIFO method. The following information is available for the month of May:
May | 1 Beginning inventory | 20 units @ $5 |
10 Purchase | 20 units @ $8 | |
15 Sales | 15 units | |
18 Purchase | 10 units @ $9 | |
21 Sales | 23 units | |
30 Purchase | 10 units @$10 |
Instructions Calculate cost of goods sold and the value of the ending inventory for the month of May. Be sure to specify what your answer is for cost of goods sold and your answer for ending inventory.
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