Question Content Area

The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the year.

Transaction Units Cost per Unit

$1-$Jan Balance $175$ $$86$

$14-$Mar Sale $55$

$23-$May Purchase $13590$

$21-$Aug Sale $100$

$5-$Nov Purchase $17591$

$18-$Nov Sale $100$

$30-$Nov Sale $100$

$5-$Dec Sale $100$

$10-$Dec Purchase $2595$

Required:

Compute the cost of goods sold and ending inventory using the perpetual inventory system for the FIFO cost flow assumption.