Question: Fulbright Corp. uses the perpetual inventory system. During its first month of operations, Fulbright made the following purchases: January 3, 2020: 40 units at $100

Fulbright Corp. uses the perpetual inventory system. During its first month of operations, Fulbright made the following purchases:

January 3, 2020: 40 units at $100 per unit

January 14, 2020: 70 units at $80 per unit

January 26, 2020: 170 units at $60 per unit

Sales for the year were:

January 10, 2020: 25 units

January 17, 2020: 50 units

January 27, 2020: 160 units

Required: Calculate COGS and Ending Inventory using LIFO Perpetual:

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