Chapter 10, Problem 10.10BE

LIFO. Perpetual Basis. Source Enterprises reports the following inventory information. for the current year.

LIFO Inventory
Description	Unit Cost × Units	Total Cost
Beginning inventory: January 1
First layer	$ 9 × 800	$ 7,200
Second layer	$13 × 1,100	14,300
Total beginning inventory	1,900	$21,900
Purchases or production:
August 31	$ 16 × 700	11,200
Cost of goods available for sale	2,600	$32, 700
Units sold on December 1 at $9.60	(2.300)
Ending inventory: December 31	300

Compute the ending inventory and the cost of goods sold under the UFO perpetual basis.