Question
35j The inventory data for an item for November are: Nov. 1 Inventory 20 units at $23 4 Sale 10 units 10 Purchase 35 units
35j The inventory data for an item for November are:
| Nov. 1 | Inventory | 20 units at $23 |
| 4 | Sale | 10 units |
| 10 | Purchase | 35 units at $25 |
| 17 | Sale | 19 units |
| 30 | Purchase | 24 units at $27 |
Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO?
a.$705
b.$935
c.$1,298
d.$685
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Managerial Economics Theory Applications and Cases
Authors: Bruce Allen, Keith Weigelt, Neil A. Doherty, Edwin Mansfield
8th edition
978-0393124491, 393124495, 978-0039391277, 393912779, 978-0393912777
