Big Time Widgets has the following inventory dа ta: December 1 Beginning inventory of 15 units at $6.00 per unit December 7 Purchased 50 units at $6.60 per unit December 12 Sold 45 units December 20 Purchased 30 units at $7.50 per unit December 29 Sold 15 units Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for December? What if a periodic inventory system had been used instead of perpetual?
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Home » Business » Big Time Widgets has the following inventory dа ta: December 1 Beginning inventory of 15 units at $6.00 per unit December 7 Purchased 50 units at $6.60 per unit December 12 Sold 45 units December 20 Purchased 30 units at $7.