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The inventory data for an item for November are: Nov. 1 Inventory 20 units at $24 4 Sold 8 units 10 Purchased 29 units at
The inventory data for an item for November are:
| Nov. 1 | Inventory | 20 units at $24 | |
| 4 | Sold | 8 units | |
| 10 | Purchased | 29 units at $22 | |
| 17 | Sold | 23 units | |
| 30 | Purchased | 23 units at $22 |
Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO?
a.$722
b.$902
c.$986
d.$698
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2001 Miller Audit Procedures Miller Engagement
Authors: George Georgiades
1st Edition
0156071940, 978-0156071949
