(Answered) Using the information in cp7-1 calculate the cost of goods

Accounting

Using the information in CP7-1, calculate the Cost of Goods Sold and Ending Inventory for Scrappers Supplies assuming it applies the LIFO cost method perpetually at the time of each sale. Compare these amounts to the periodic LIFO calculations in requirement 1 a of CP7-1. Does the use of a perpetual inventory system result in a higher or lower Cost of Goods Sold when costs are rising?

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