Source Enterprises reports the following inventory information for the current year.

Compute the ending inventory and the cost of goods sold under the LIFO perpetual basis.

Transcribed Image Text:

LIFO Inventory Description Beginning inventory: January 1 Unit Cost x Units Total Cost 7.200 14,300 $21,500 First layer S 9 x800 $13 x 1.100 1.900 Second layer Total beginning inventory Purchases or Production: 11,200 $32,700 August 31 Cost of goods available for sale Units sold on December 1 at 9.60 Ending inventory: December 31 $ 16×700 2,600 (2,300) 300