The following data has been provided by Lee Company regarding its inventory purchases and sales throughout the year. 
Required:
Compute the cost of goods sold and ending inventory using the perpetual inventory system for the FIFO cost flow assumption.
Definitions:
Federal Registration Requirement
Federal Registration Requirement mandates that certain securities and financial transactions must be registered with a governmental body, typically to ensure transparency and protect investors.
State Registration Requirement
Legal stipulation that mandates entities or individuals to register with state authorities for conducting certain activities.
Initial Public Offering
The process by which a private company offers shares to the public for the first time to raise capital.
Securities Act
U.S. legislation enacted in 1933 that regulates the sale of securities to the public, requiring disclosure of significant information.
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