The inventory data for an item for November are:   Nov.  1 Inventory 20 units at $19          4 Sale 10 units        10 Purchase 30 units at $20        17 Sale 20 units        30 Purchase 10 units at $21      Using a perpetual system, what is the value of COGS and ending inventory for November if the company uses LIFO? Select one: a. $600 b.  $610 c. $400 d. $590

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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The inventory data for an item for November are:

 

Nov.  1

Inventory

20 units at $19

         4

Sale

10 units

       10

Purchase

30 units at $20

       17

Sale

20 units

       30

Purchase

10 units at $21


 

   Using a perpetual system, what is the value of COGS and ending inventory for November if the company uses LIFO?

Select one:
a. $600
b.  $610
c. $400
d. $590
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