Question
A companys inventory records report the following in November of the current year: Beginning November 1 4 units @ $17 Purchase November 2 11 units
A companys inventory records report the following in November of the current year:
| Beginning | November 1 | 4 units @ $17 |
| Purchase | November 2 | 11 units @ $19 |
| Purchase | November 12 | 7 units @ $21 |
On November 8, it sold 13 units for $47 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 13 units sold?
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Management Accounting Text Problems And Cases
Authors: M. Y. Khan, P K Jain
7th Edition
9352606787, 978-9352606788
