Question
The inventory data for an item for November are: Nov. 1 Inventory 16 units at $21 4 Sale 8 units 10 Purchase 33 units at
The inventory data for an item for November are:
| Nov. 1 | Inventory | 16 units at $21 |
| 4 | Sale | 8 units |
| 10 | Purchase | 33 units at $23 |
| 17 | Sale | 17 units |
| 30 | Purchase | 22 units at $25 |
Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO?
a.$559
b.$727
c.$1,102
d.$543
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Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
5th edition
9780470418239, 470239808, 9780470239803, 470418230, 978-1118128169
