Question
The inventory data for an item for November are: Nov. 1 Inventory 20 units at $19 4 Sold 10 units 10 Purchased 30 units at
The inventory data for an item for November are:
| Nov. 1 | Inventory | 20 units at $19 | |
| 4 | Sold | 10 units | |
| 10 | Purchased | 30 units at $20 | |
| 17 | Sold | 20 units | |
| 30 | Purchased | 10 units at $21 |
Using a perpetual system, what is the cost of goods sold for November if the company uses LIFO?
a.$600
b.$580
c.$590
d.$610
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Accounting and auditing research tools and strategies
Authors: Thomas Weirich, Thomas Pearson, Natalie Tatiana
8th edition
9781118806487, 1118027078, 1118806484, 978-1118027073
