Question

The inventory data for an item for November are: Nov. 1 Inventory 23 units at $24 4 Sale 9 units 10 Purchase 29 units at $25 17 Sale 22 units 30 Purchase 22 units at $26 Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO

Answer 1

766

Step-by-step explanation:

Calculation to determine the cost of merchandise sold for November if the company uses LIFO

Cost of merchandise sold = (9*24) + (22*25)

Cost of merchandise sold= 216 + 550

Cost of merchandise sold=766

Therefore the cost of merchandise sold for November if the company uses LIFO is 766