Solved

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

Question 228

Multiple Choice

A company's inventory records report the following in November of the current year:  Beginging  November 1 5 units @ $20  Purchase  November 2 10 units @ $22  Purchase  November 12 6 units @ $25 \begin{array} { | l | l | l | } \hline \text { Beginging } & \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) $210
B) $188
C) $282
D) $260
E) $254

Correct Answer:

verifed

Verified

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

Related Questions