Solved

A Company's Inventory Records Report the Following in November of the Current

Question 237

Multiple Choice

A company's inventory records report the following in November of the current year:
 Beginning  November 15 units @ $20  Purchase  November 210 units @ $22  Purchase  November 126 units @ $25 \begin{array} { | l | l | l | } \hline \text { Beginning } & \text { November } 1 & 5 \text { units @ \$20 } \\\hline \text { Purchase } & \text { November } 2 & 10 \text { units @ \$22 } \\\hline \text { Purchase } & \text { November } 12 & 6 \text { units @ \$25 } \\\hline\end{array}
-
On November 8,it sold 12 units for $54 each.Using the LIFO perpetual inventory method,what was the amount recorded in the cost of goods sold account for the 12 units sold?


A) $254
B) $260
C) $282
D) $188
E) $210

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions