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You are the manager of a new retail cart at the mall. Your business uses...

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Accounting

You are the manager of a new retail cart at the mall. Your business uses the perpetual inventory system.
You need to decide which inventory cost flow assumption method your new business will use: FIFO or LIFO. Using this method, prepare the journal entries, compute the sales revenue, cost of goods sold and ending inventory for your first month of operations (March).
Data provided:
\table[[Activity,Units,\table[[Purchase Price],[(per unit)]],\table[[Sale Price],[(per unit)]]],[Purchase, March 1,10,$20,],[Purchase, March 2,25,$22,$50
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