Part B (15 marks)

Inventory cost methods perpetual inventory system The following information relates to the inventory of the Lighting Warehouse Ltd during the month of August: 1-Aug Beginning Inventory 60 units @ $10 12 Purchased 90 @ $12 15 Sold 80 units 21 Purchased 120 @ $13 22 Sold 100 units Lighting Warehouse Ltd uses the perpetual inventory method of accounting for inventory. Ignore GST. All items are sold at a unit selling price of $25. Required The manager of Lighting Warehouse Ltd is seeking your assistance to calculate the value of Closing Inventory, Cost of Goods Sold and Gross Profit for the month under the LIFO Perpetual Inventory Method.