Question: Use the data in Exercise 6-18 to compute the cost of goods sold under (a) FIFO (b) LIFO. You will need a complete perpetual inventory

Use the data in Exercise 6-18 to compute the cost of goods sold under

(a) FIFO 

(b) LIFO. You will need a complete perpetual inventory record for LIFO. Which method results in the higher cost of goods sold? 

Exercise 6-18

Assume that a Toys " \(Я\) " Us store bought and sold a line of dolls for inventory during December as follows:

Beginning inventory..... Sale........ Purchase Sale............. 10 units @ $9 6 units 15

Toys " \(Я\) " Us uses the perpetual inventory system.

Beginning inventory..... Sale........ Purchase Sale............. 10 units @ $9 6 units 15 units @ $12 14 units

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