Introduction to Accounting An Integrated Approach Eighth Edition Chapter 10 E10.13

13 The following information is taken from the records of the Strauch Company. Strauch uses a perpetual inventory system. Determine the cost of goods sold for the month using FIFO and LIFO cost flow assumptions. How many units are in ending inventory and what is the cost of ending inventory under each assumption? (The perpetual inventory registers in Exhibit 10.3 and Exhibit 10.4 may be helpful in solving this exercise.)