Question
The inventory data for an item for November are: Nov. 1 Inventory 17 units at $22 4 Sold 8 units 10 Purchased 35 units at
The inventory data for an item for November are:
| Nov. 1 | Inventory | 17 units at $22 | |
| 4 | Sold | 8 units | |
| 10 | Purchased | 35 units at $20 | |
| 17 | Sold | 15 units | |
| 30 | Purchased | 25 units at $25 |
Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO?
a. $494
b. $674
c. $476
d. $1,205
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Auditing In The Public Sector Efficiency Economy And Program Results
Authors: James L. Savage, Felix Pomeranz, Alfred J. Cancellieri, Joseph B. Stevens
1st Edition
0882621238, 978-0882621234
