Question

Calculator The inventory data for an item for November are: Nov. 1 Inventory 16 units at $21 4. Sold 11 units 10 Purchased 27 units at $22 17 Sold 24 units 30 Purchased 22 units at $24 Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO? Oa. $864 Ob. $754 Oc. $759 Od. $704

Answer 1

Answer is $759

LIFO Under Perpetual Inventory
LIFO
Date	Purchases	Sales	Balance
Units	Unit Cost	Total	Units	Unit Cost	Total	Units	Unit Cost	Total
1-Nov	16	21.00	336				16	21.00	336
4-Nov				11	21.00	231	5	21.00	105
10-Nov	27	22.00	594				5	21.00	105
							27	22.00	594
17-Nov				24	22.00	528	5	21.00	105
							3	22.00	66
30-Nov	22	24.00	528				5	21.00	105
							3	22.00	66
							22	24.00	528
	65		1,458	35		759	33	89	765
				Cost of Goods Sold	759