Using the information in PA7 1 calculate the cost of goods
Using the information in PA7-1, calculate the cost of goods sold and ending inventory for Glad-stone Company assuming it applies the LIFO cost method perpetually at the time of each sale. Compare these amounts to the periodic LIFO calculations in requirement 1 a of PA7-1. Does the use of a perpetual inventory system result in a higher or lower cost of goods sold when costs are rising?
Refer PA7-1
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