The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the year. Transaction Units Cost per Unit 1-Jan. Balance 175 $86 14-Mar. Sale 55 23-May Purchase 135 90 21-Aug. Sale 100 5-Nov. Purchase 175 91 18-Nov. Sale 100 30-Nov. Sale 100 5-Dec. Sale 100 10-Dec. Purchase 25 95 Required: a. Compute the cost of goods sold using the perpetual inventory system for theFIFO cost flow assumption. b. Compute the ending inventory using the perpetual inventory system for the LIFO cost flow assumption. c. Compute the cost of goods sold using the perpetual inventory system for the LIFO cost flow assumption.

The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the year. Transaction Units Cost per Unit 1-Jan. Balance 175 $86 14-Mar. Sale 55 23-May...

The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the year.

Required:

a. Compute the cost of goods sold using the perpetual inventory system for theFIFO cost flow assumption.

b. Compute the ending inventory using the perpetual inventory system for the
LIFO cost flow assumption.

c.
Compute the cost of goods sold using the perpetual inventory system for the
LIFO cost flow assumption.

May 26, 2022