Lumley Company uses the perpetual inventory system and had the following purchases and sales during March.
Instructions
Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using (a) FIFO and (b) LIFO.

Question

Quizplus · Accepted Answer

The Answer of Lumley Company uses the perpetual inventory system and had the following purchases and sales during March.
Instructions
Using the inventory and sales data above, calculate the value assigned to cost of goods sold in March and to the ending inventory at March 31 using (a) FIFO and (b) LIFO.

Lumley Company Uses the Perpetual Inventory System and Had the Following