Question
A companys inventory records report the following in November of the current year: Beginning November 1 5 units @ $22 Purchase November 2 10 units
A companys inventory records report the following in November of the current year:
| Beginning | November 1 | 5 units @ $22 |
| Purchase | November 2 | 10 units @ $24 |
| Purchase | November 12 | 6 units @ $26 |
| | ||
On November 8, it sold 12 units for $52 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold?
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The Outsourcing Dilemma Whats Best For Internal Auditing
Authors: Larry E. Rittenberg, Institute Of Internal Auditors Research Foundation, Lee A. Campbell
1st Edition
0894133845, 978-0894133848
