The inventory data for an item for November are: $$\begin{array} { r l l }
\text { Nov. } 1 & \text { Inventory } & 20 \text { units at } \$ 19 \
4 & \text { Sold } & 10 \text { units } \
10 & \text { Purchased } & 30 \text { units at } \$ 20 \
17 & \text { Sold } & 20 \text { units } \
30 & \text { Purchased } & 10 \text { units at } \$ 21
\end{array}$$ Using a perpetual system, what is the cost of the merchandise sold for November if the company uses LIFO?
A) $610
B) $600
C) $590
D) $580

Question

The inventory data for an item for November are: $$\begin{array} { r l l } 
\text { Nov. } 1 & \text { Inventory } & 20 \text { units at } \$ 19 \
4 & \text { Sold } & 10 \text { units } \
10 & \text { Purchased } & 30 \text { units at } \$ 20 \
17 & \text { Sold } & 20 \text { units } \
30 & \text { Purchased } & 10 \text { units at } \$ 21
\end{array}$$ Using a perpetual system, what is the cost of the merchandise sold for November if the company uses LIFO?
A) $610
B) $600
C) $590
D) $580

Quizplus · Accepted Answer

The Answer of The inventory data for an item for November are: $$\begin{array} { r l l } 
\text { Nov. } 1 & \text { Inventory } & 20 \text { units at } \$ 19 \
4 & \text { Sold } & 10 \text { units } \
10 & \text { Purchased } & 30 \text { units at } \$ 20 \
17 & \text { Sold } & 20 \text { units } \
30 & \text { Purchased } & 10 \text { units at } \$ 21
\end{array}$$ Using a perpetual system, what is the cost of the merchandise sold for November if the company uses LIFO?
A) $610
B) $600
C) $590
D) $580

The Inventory Data for an Item for November Are Using a Perpetual System, What Is the Cost of the