Final answer:
The cost of goods sold for November using LIFO cannot be calculated without specific inventory data. For the provided example of a firm's financials, the accounting profit is calculated by subtracting expenses from sales revenue, resulting in $50,000 profit.
Step-by-step explanation:
To calculate the cost of goods sold (COGS) for November using the Last-In, First-Out (LIFO) method in a perpetual inventory system, we need to know the specific costs of inventory items that were sold throughout the month. Unfortunately, the inventory data for the item in question is not provided in the scenario. COGS using LIFO is determined by using the cost of the most recently acquired inventory first, which would mean the latest prices paid for inventory items will be used to calculate COGS.
For example, if a company's inventory costs at the end of the year consists of batches of goods purchased at different prices, under LIFO, the cost associated with the newest batches will be used first in calculating COGS. This means if the costs of products were much longer, and more realistic prices, like $17,147.51 or $27,654.92, were used, the total quantity spent would reflect the newest prices paid for inventory.
However, without the specific costs and number of items sold, we cannot calculate the exact COGS. In the scenario, where a firm had sales revenue of $1 million last year and spent $600,000 on labor, $150,000 on capital, and $200,000 on materials, its accounting profit would be $50,000, calculated as total revenue minus total expenses.