Question: The following data for 2017 is available concerning Adams, Inc., which uses a perpetual inventory system. January 1 Beginning inventory, 10 units at $2 each

The following data for 2017 is available concerning Adams, Inc., which

The following data for 2017 is available concerning Adams, Inc., which uses a perpetual inventory system. January 1 Beginning inventory, 10 units at $2 each June 5 Purchased 5 units at $3 each September 14 Purchased 30 units at $4 each Adams sold 30 units at $10 each during the year. Sales occurred on the following dates: July 8 Sold 6 units November 2 Sold 24 units 3 REQUIRED: Calculate ending inventory and cost of goods sold under the LIFO method

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