Question: The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the year. Required: Compute the cost of goods sold

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

Required:
Compute the cost of goods sold and ending inventory using the perpetual inventory system for the FIFO and LIFO cost flow assumptions

Transaction Units Cost per Unit $86 1-Jan Balance 175 14-Mar Sale 55 23-May Purchase 135 90 21-Aug Sale 100 175 5-Nov Purchase 91 18-Nov Sale 100 30-Nov Sale 100 5-Dec Sale 100 10-Dec Purchase 25 95

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FIFO LIFO Date 1 Jan 14 Mar 23 may 135 units 90 12150 21Aug 5 Nov 1... View full answer

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