he inventory data for an item for November are: Nov. 1 Inventory 24 units at $24 4 Sold 11 units 10 Pu
he inventory data for an item for November are: Nov. 1 Inventory 24 units at $24 4 Sold 11 units 10 Pu
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 7MCQ
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Question
The inventory data for an item for November are:
Nov. 1 | Inventory | 24 units at $24 | |
4 | Sold | 11 units | |
10 | Purchased | 35 units at $20 | |
17 | Sold | 17 units | |
30 | Purchased | 22 units at $23 |
Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO?
a.$916
b.$604
c.$656
d.$1,126
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