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A company had the following purchases and sales during its first year of operations:
Purchases Sales
January:10 units at $120. 6 units
February:20 units at $125 5 units
May:15 units at $130. 9 units
September:12 units at $135. 8 units
November:10 units at $140. 13 units
Question 1: On December 31, there were 26 units remaining in ending inventory. Using the perpetual LIFO inventory costing method, what is the value of cost of goods sold? (Assume all sales were made on the last day of the month.)
An error in ending inventory causes an error in the next period's:
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