The following information is taken from the records of the Perry Company. Perry uses a perpetual inventory system.

Determine the cost of goods sold for the month using FIFO and LIFO cost flow assumptions. How many units are in ending inventory and what is the cost of ending inventory under each assumption?

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Unit Cost $5.00 Number of Units Date Transaction Beginning inventory Sale Purchase Sale Sale Purchase Sale 28 16 14 17 May 1 $4.00 12 16 21 25 31 $3.00