Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Nov. 01 Inventory 16 units at $20.00 Nov. 04 Sold 11 units Nov. 10 Purchased 33 units at $21.00 Nov. 17 Sold 25 units Nov. 30 Purchased 23 units at $25.00 Using the perpetual LIFO system, what is the cost of the merchandise sold for November? Select the correct answer. A. $745.00 B. $848.00 C. $845.00 D. $740.00

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.