Using a perpetual system what is the cost of the, Ask an Expert

Accounting

The inventory data for an item for November are:

Nov. 1 Inventory 20 units at $19
4 Sold 10 units
10 Purchased 30 units at $20
17 Sold 20 units
30 Purchased 10 units at $21

Using a perpetual system, what is the cost of the merchandise sold for November if the company uses LIFO?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M940139

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