Question: Beginning inventory, purchases, and sales data for widgets are as follows: Date Line Item Description Units and Cost April 3 Inventory 1 5 units @

Beginning inventory, purchases, and sales data for widgets are as follows:

Date Line Item Description Units and Cost

April

3

Inventory

15

units @ $

30

11

Purchase

12

units @ $

27

14

Sale

18

units

21

Purchase

7

units @ $

25

25

Sale

10

units

Complete the inventory record assuming the business maintains a perpetual inventory system, and determine the cost of goods sold and ending inventory using LIFO.

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