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:
Diversification Strategy
A business approach where a company broadens its range of products or markets to reduce risk and increase potential for growth.
Corporate Strategies
High-level plans or frameworks developed by businesses to achieve their long-term objectives and to secure a competitive position in the market.
Retrenchment Strategy
A business strategy used to reduce the scale or scope of a company's operations to improve financial stability during tough times.
Recruiting
The process of identifying, attracting, and selecting candidates for employment to fill job vacancies.
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