A company's inventory records report the following in November of the current year: Date Activities Units Acquired at Cost Units Sold at Retail November 1 Beginning inventory 5 units @ $56 = $280 November 2 Purchase 10 units @ $58 = $580 November 8 Sales 12 units @ $90 November 12 Purchase 6 units @ $61 = $366 Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? Mutiple Choice. $614 $692 $714 $440 $534
A company's inventory records report the following in November of the current year: Date Activities Units Acquired at Cost Units Sold at Retail November 1 Beginning inventory 5 units @ $56 = $280 November 2 Purchase 10 units @ $58 = $580 November 8 Sales 12 units @ $90 November 12 Purchase 6 units @ $61 = $366 Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? Mutiple Choice. $614 $692 $714 $440 $534
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A company's inventory records report the following in November of the current year:
Date | Activities | Units Acquired at Cost | Units Sold at Retail |
---|---|---|---|
November 1 | Beginning inventory | 5 units @ $56 = $280 | |
November 2 | Purchase | 10 units @ $58 = $580 | |
November 8 | Sales | 12 units @ $90 | |
November 12 | Purchase | 6 units @ $61 = $366 |
Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? Mutiple Choice.
-
$614
-
$692
-
$714
-
$440
-
$534
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