Classic Floors has the following inventory data: 
Assuming that a perpetual inventory system is used, what is the cost of goods sold on a LIFO basis for July?
Definitions:
Negligent Credentialing
A legal theory that holds employers or institutions liable for failing to verify the qualifications or competencies of a professional they hire.
Ostensible Authority
The appearance or implication of authority given to an agent by the actions or statements of the principal, leading third parties to believe the agent has such authority.
Faulty Design
A defect in the planning or engineering of a product, making it unsafe or unsuitable for its intended purpose.
True Locality Rule
A means to judge a health care provider’s actions on the basis of the standard of care used in the exact same locality or community.
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