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The inventory data for an item for November are: Nov. 1 Inventory 20 units at $18 4 Sold 9 units 10 Purchased 30 units at $22 17 Sold 18 units 30 Purchased 22 units at $24 Using a perpetual system, what is the cost of goods sold for November if the company uses LIFO? O a. $558 O b. $756 O c. $514 O d. $1,034

The inventory data for an item for November are: Nov. 1 Inventory 20 units at $18 4 Sold 9 units 10 Purchased 30 units at $22 17 Sold 18 units 30 Purchased 22 units at $24 Using a perpetual system, what is the cost of goods sold for November if the company uses LIFO? O a. $558 O b. $756 O c. $514 O d. $1,034

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The inventory data for an item for November are: Nov. 1 Inventory 20 units at $18 4 Sold 9 units 10 Purchased 30 units at $22 18 units 22 units at $24 17 Sold 30 Purchased Using a perpetual system, what is the cost of goods sold for November if the company uses LIFO? O a $558 O b. $756 c. $514 O d. $1,034
Transcribed Image Text:The inventory data for an item for November are: Nov. 1 Inventory 20 units at $18 4 Sold 9 units 10 Purchased 30 units at $22 18 units 22 units at $24 17 Sold 30 Purchased Using a perpetual system, what is the cost of goods sold for November if the company uses LIFO? O a $558 O b. $756 c. $514 O d. $1,034
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