Britt Company Uses the Perpetual Inventory System and the LIFO

Essay

Britt Company uses the perpetual inventory system and the LIFO method. The following information is available for the month of May: $$\begin{array} { r l l } \text { May } 1 & \text { Beginning inventory } & 20 \text { units } @\$ 6 \\10 & \text { Purchase } & 20 \text { units } @ \$ 7 \\15 & \text { Sales } & 12 \text { units } \\18 & \text { Purchase } & 10 \text { units }@ \$ 9 \\21 & \text { Sales } & 18 \text { units } \\30 & \text { Purchase } & 10 \text { units } @ \$ 10\end{array}$$ Instructions
Prepare a schedule to show cost of goods sold and the value of the ending inventory for the month of May.