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Calculate cost of goods sold and ending inventory under lifo

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Wittmann Co. began operations on January 1. It uses a perpetual inventory system. During January, the company had the following transactions.

Date                     Description                          Quantity                           Unit cost or selling price

January 1         Beginning inventory               300                                      $11

January 11              Sale                              250                                     24

January 15            Purchase                           800                                      13

January 19             Sale                                  500                                        26

January 22          Purchase                                600                                    14

January 28              Sale                                    300                                   27

Instructions:

Problem 1: Calculate cost of goods sold and ending inventory under LIFO method.

Reference no: EM132619159

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