Debited to cost of goods sold account

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Reference no: EM131590669

Discuss the following by giving an example: With perpetual LIFO, the last costs available at the time of the sale are the first to be removed from the Inventory account and debited to the Cost of Goods Sold account.

Reference no: EM131590669

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Debited to cost of goods sold account : With perpetual LIFO, the last costs available at the time of sale are first to be removed from Inventory account and debited to Cost of Goods Sold account.

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