Question
1. A companys inventory records report the following in November of the current year: Beginning November 1 5 units @ $10 Purchase November 2 10
1. A companys inventory records report the following in November of the current year: Beginning November 1 5 units @ $10 Purchase November 2 10 units @ $12 Purchase November 12 6 units @ $14 On November 8, it sold 12 units for $40 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? rev: 09_06_2017_QC_CS-98241, 09_27_2017_QC_CS-102472 Multiple Choice $180 $216 $254 $156 $140
2. The amount due on the maturity date of a $10,400, 45-day 7%, note receivable is: (Use 360 days a year.) Multiple Choice $9,672. $10,400. $10,309. $11,128. $10,491.
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