The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the year. Transaction Units Cost per Unit January 1 Balance 185 $86 March 14 Sale 54 May 23 Purchase 136 90 August 21 Sale 100 November 5 Purchase 171 91 November 18 Sale 100 November 30 Sale 100 December 5 Sale 100 December 10 Purchase 25 95 Required: Compute the cost of goods sold and ending inventory using the perpetual inventory system for the LIFO cost flow assumption. Ending inventory Cost of goods sold
The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the year. Transaction Units Cost per Unit January 1 Balance 185 $86 March 14 Sale 54 May 23 Purchase 136 90 August 21 Sale 100 November 5 Purchase 171 91 November 18 Sale 100 November 30 Sale 100 December 5 Sale 100 December 10 Purchase 25 95 Required: Compute the cost of goods sold and ending inventory using the perpetual inventory system for the LIFO cost flow assumption. Ending inventory Cost of goods sold
Chapter10: Inventory
Section: Chapter Questions
Problem 9PA: Calculate a) cost of goods sold, b) ending inventory, and c) gross margin for A76 Company,...
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Question
![The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the
year.
Transaction Units Cost per Unit
January 1
Balance
185
$86
March 14
Sale
54
May 23
Purchase
136
90
August 21
Sale
100
November 5 Purchase
171
91
November 18 Sale
100
November 30 Sale
100
December 5 Sale
100
December 10 Purchase
25
95
Required:
Compute the cost of goods sold and ending inventory using the perpetual inventory system for the LIFO cost flow
assumption.
Ending inventory
Cost of goods sold](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff58951b7-0a6a-4aca-a712-96d61d75ed4d%2F8e633ed5-32ab-4d80-bbb7-1ece771551e8%2F669omx8_processed.png&w=3840&q=75)
Transcribed Image Text:The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the
year.
Transaction Units Cost per Unit
January 1
Balance
185
$86
March 14
Sale
54
May 23
Purchase
136
90
August 21
Sale
100
November 5 Purchase
171
91
November 18 Sale
100
November 30 Sale
100
December 5 Sale
100
December 10 Purchase
25
95
Required:
Compute the cost of goods sold and ending inventory using the perpetual inventory system for the LIFO cost flow
assumption.
Ending inventory
Cost of goods sold
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