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LIFO: Perpetual Inventory Method
01/02 Beginning Balance 450 units at $25
03/10 Purchase 125 units at $32
Race Car Company had the following balances and transactions during 2018:
05/25 Purchase 35 units at $40
06/10 Sold 280 units at $50
Required:
Problem 1) Using the LIFO Method, Compute the Ending Inventory (units and amount) at 06/30/18
Problem 2) Compute the Cost of Goods Sold at 06/30/18
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