The following information is taken from the records of the Strauch Company. Strauch uses a perpetual inventory

Question:

The following information is taken from the records of the Strauch Company. Strauch uses a perpetual inventory system.

Determine the cost of goods sold for the month using FIFO and LIFO cost flow assumptions. How many units are in ending inventory and what is the cost of ending inventory under each assumption?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...