- A business that uses the perpetual inventory method has the following financial data regarding its merchandise inventory for January:
Beginning inventory 20 units at $5.00 each
January 1: Purchase 50 units at $5.50 each
January 5: Purchase 60 units at $6.00 each
Ending inventory 35 units
All January sales occurred after January 5.
- Determine COST OF GOODS SOLD for January under FIFO.
- Determine COST OF GOODS SOLD for January under LIFO.
1. Cost of goods sold Under FIFO Method(perpetual) =$ 525.00... View the full answer