Question

Nash's, LLCs has the following inventory data: Nov. 1 Inventory 22 units @ $4.40 each 8 Purchase 89 units @ $4.75 each 17 Purchase 44 units @ $4.65 each 25 Purchase 67 units @ $4.90 each A physical count of merchandise inventory on November 30 reveals that there are 74 units on hand. Cost of goods sold under LIFO is O $692. O $344. O $709. $361.

Answer 1

3^rd Option $ 709 is right answer.

As per LIFO method goods utilised for sales from the last purchase so first out total number of unit sold.

Number of units Sold

Total units available	222 units
Ending inventory	74 units
No. of units sold	148 units

Cost of Goods sold as per LIFO

Transaction	Units	Cost per unit	Total
From November,25	67	$ 4..90	$ 328.30
From November,17	44	$ 4.65	$ 204.60
From November,8 ( 148 – 67 – 44 units)	37	$ 4.75	$ 175.75
Total Cost of Goods sold	148		$ 708.65

So, round answer is $ 709.

With Statement

LIFO ( Periodic method )
Transaction	Units	Cost per unit	Total
Beginning inventory	22	$ 4.40	$ 96.80
Purchase
November,8	89	$ 4.75	$ 422.75
November,17	44	$ 4.65	$ 204.60
November,25	67	$ 4..90	$ 328.30
Total goods available for sale	222		$ 1052.45
Cost of Goods sold
From November,25	67	$ 4..90	$ 328.30
From November,17	44	$ 4.65	$ 204.60
From November,8	37	$ 4.75	$ 175.75
Total Cost of Goods sold	148		$ 708.65
Ending Inventory
Beginning inventory	22	$ 4.40	$ 96.80
From November, 8	52	$ 4.75	$ 247.00
Total Ending Inventory	74		$ 343.80