Lumley Company Uses the Perpetual Inventory System and Had the Following

question 3

Essay

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.

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Definitions:

Most Polar

Describing the molecule or bond that exhibits the greatest electric dipole moment, indicating a high degree of ionic character within the molecular structure.

Benzene

A colorless, flammable liquid hydrocarbon with a distinct sweet smell, known for its carcinogenic properties and widespread use as a precursor in the manufacture of various chemicals.

Toluene

A colorless, water-insoluble liquid hydrocarbon with a sweet smell, used as an industrial solvent and in the production of benzene.