Question
The inventory data for an item for November are: Nov. 1 Inventory 23 units at $25 4 Sale 8 units 10 Purchase 33 units at
The inventory data for an item for November are: Nov. 1 Inventory 23 units at $25 4 Sale 8 units 10 Purchase 33 units at $26 17 Sale 16 units 30 Purchase 25 units at $28 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO?
a.$1,532
b.$616
c.$601
d.$991
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Financial Accounting
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
7th Edition
978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018
