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

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