Addison, Inc. uses a perpetual inventory system. Below is information about one inventory item for the month of September. Sep. 1 Inventory 4 Sold 10 Purchased 17 Sold 30 Purchased 20 units at $20 10 units 30 units at $25 20 units 10 units at $30 If Addison uses FIFO, the September 30 inventory is a. $650 b. $750 C. $800 d. $700 The inventory data for an item for November are: Nov. 1 Inventory 4 Sold 10 Purchased 17 Sold 30 Purchased 20 units at $19 10 units 30 units at $20 20 units 10 units at $21 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? in a. $600 b. $610 c. $580 d. $590 The following units of an inventory item were available for sale during the year. Beginning inventory First purchase 10 units at $55 25 units at $60 30 units at $65 15 units at $70 Second purchase Third purchase The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The ending inventory cost using FIFO is a. $1,150 b. $1,375 c. $1,250 d. $1,350 The inventory method that assigns the most recent costs to cost of goods sold a. FIFO b. specific identification C. LIFO d. weighted average