A company purchases a unit of inventory for $1.50, another for $2.00 and then a...
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Accounting
A company purchases a unit of inventory for $1.50, another for $2.00 and then a third for $2.50. The company then sells one unit for $4.50. The company uses a perpetual inventory system. Given these facts, which of the following is true?
Ending inventory under FIFO is $1.50
Cost of goods sold under LIFO is $2.50
Cost of goods sold under moving average is $4.50
Ending inventory under LIFO is $4.50
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