The inventory data for an item for November are: Nov. 1 Inventory 21 units at $21 4 Sold 11 units 10 Purchased 27 units at $22 17 Sold 22 units 30 Purchased 22 units at $22 Using a perpetual system, what is the cost of goods sold for November if the company uses LIFO? a. $814 Ob. $705 c. $925 O d. $715

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The inventory data for an item for November are:
Nov. 1 Inventory
21 units at $21
4 Sold
10 Purchased
17 Sold
11 units
b. $705
c. $925
O d. $715
27 units at $22
22 units
30 Purchased
22 units at $22
Using a perpetual system, what is the cost of goods sold for November if the company uses LIFO?
a. $814
Transcribed Image Text:The inventory data for an item for November are: Nov. 1 Inventory 21 units at $21 4 Sold 10 Purchased 17 Sold 11 units b. $705 c. $925 O d. $715 27 units at $22 22 units 30 Purchased 22 units at $22 Using a perpetual system, what is the cost of goods sold for November if the company uses LIFO? a. $814
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