Problem 5-2A: Alternative cost flows—perpetual L.O. P1
Marlow Company uses a perpetual inventory system. It entered into the following calendar-year 2009 purchases and sales transactions:
It then gives me a list of purchases and sales.
How do I know if this is FIFO, LIFO, or weighted average? Does perpetual L.O. mean LIFO or is that just a label for the question?
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