Inventory Costing Methods and the Perpetual Method Lambeth Company experienced the following events in February Date Event Units Unit Cost Total Cost Feb 1 Purchased inventory 100 $30 $3,000 Feb 4 Sold inventory 50 Feb 9 Purchased inventory 100 $32 $3,200 Feb 27 Sold inventory 100 Assume the perpetual inventory system is used Use the LIFO inventory costing method to calculate the companys cost of goods sold and ending inventory as of February 28 Total cost of goods sold Ending inventory

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Question: Inventory Costing Methods and the Perpetual Method Lambeth Company experienced the following events in February: Date Event Units Unit Cost Total Cost Feb. 1 Purchased

Inventory Costing Methods and the Perpetual Method Lambeth Company experienced the following events in February:

Date	Event	Units		Unit Cost	Total Cost
Feb. 1	Purchased inventory	100	@	$30	$3,000
Feb. 4	Sold inventory	50
Feb. 9	Purchased inventory	100	@	$32	$3,200
Feb. 27	Sold inventory	100

Assume the perpetual inventory system is used. Use the LIFO inventory costing method to calculate the companys cost of goods sold and ending inventory as of February 28.

Total cost of goods sold
Ending inventory

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