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The Inventory Data for an Item for November Are Using the First-In, First-Out Method, What Is the Cost of \text

Question 65

Multiple Choice

The inventory data for an item for November are: 25 units at $20 each  Inventory  Nov. 130 units at $21 each  Purchase 1010 units at $22 each  Purchase 3035 units  Sale \begin{array}{lll}25 \text { units at } \$ 20 \text { each } & \text { Inventory } & \text { Nov. } 1 \\30 \text { units at } \$ 21 \text { each } & \text { Purchase } & 10 \\10 \text { units at } \$ 22 \text { each } & \text { Purchase } & 30 \\35 \text { units } & \text { Sale } &\end{array} Using the first-in, first-out method, what is the cost of the merchandise inventory of 30 units on November 30?


A) $640
B) $605
C) $630
D) $660

Correct Answer:

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