question archive Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Nov
Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Nov
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Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO?
Nov. 01 Inventory 21 units at $23.00
Nov. 04 Sold 8 units Nov. 10 Purchased 35 units at $19.00
Nov. 17 Sold 20 units
Nov. 30 Purchased 25 units at $25.00
Using the perpetual LIFO system, what is the cost of the merchandise sold for November? Select the correct answer.
$1,157.00
$616.00
$564.00
$863.00
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In the given question we are required to find the perpetual LIFO system, what is the cost of the merchandise sold for November.
Cost of merchandise sold for November=(Sold on Nov 4 * inventory price on Nov 1)+(Sold on Nov 17* inventory price for Nov 10)
Cost of merchandise sold for November =(8 units* $23) + (20 units * $19)
Cost of merchandise sold for November=$184+$380 = $564
Therefore, option (C) is correct.
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