Beginning inventory, purchases, and sales for Item Foxtrot are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise...

LIFO
        Perpetual Inventory systems LIFO Method
    Date    Inventory movements            Units    Unit cost    Total cost
    Mar-01    Beginning Inventory            270    $ 18    $ 4,860
    Mar-08    Sale            225
    Mar-15    Purchase            375    $ 20    $ 7,500
    Mar-27    Sale            240
        Calculation for
    a)    Cost of goods sold
    Mar-27    Sale of Merchandise cost            240    $ 20    $ 4,800
        Explanation
        LIFO means Last In First Out
        Goods purchased by ...