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A company had the following purchases and sales during the month of November: Date Activities Units Acquired at Cost Units Sold at Retail November 1
A company had the following purchases and sales during the month of November:
| Date | Activities | Units Acquired at Cost | Units Sold at Retail |
|---|---|---|---|
| November 1 | Beginning inventory | 5 units @ $46 = $230 | |
| November 2 | Purchase | 10 units @ $48 = $480 | |
| November 6 | Purchase | 6 units @ $51 = $306 | |
| November 8 | Sales | 8 units @ $94 |
Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?
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Financial And Managerial Accounting 15th Edition Text Only
Authors: Jan Williams
15th Edition
B005FCGT4O
