Using a perpetual system, what is the cost of the goods sold for November if the...
Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Nov. 01 Inventory 23 units at $22.00 Nov. 04 Sold 11 units Nov. 10 Purchased 33 units at $23.00 Nov. 17 Sold 20 units Nov. 30 Purchased 22 units at $24.00 Using the perpetual LIFO system, what is the cost of the merchandise sold for November?
Homework Answers
Answer: Cost of goods sold $702
Explanation :
Cost of goods sold = (Units sold on Nov 4 * Cost of each unit on Nov 1) + (Units sold on Nov 17 * Cost of each unit on Nov 10)
= (11 units * $22) + (20 units * $23)
= $702
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Using a perpetual system, what is the cost of the goods sold for
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