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  3. 2. the inventory data for an item for november are

2. The inventory data for an item for November are: Nov. 4: Sold 10 units...

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2. The inventory data for an item for November are: Nov. 4: Sold 10 units .Nov. 17: Sold 20 units Now.I: Inventory 20 units at $19 . Nov. 10: Purchased 30 units at $20 Nov. 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 a. $610 b, $600 e, $590 d. $580 Use the following information for the next three questions (26, 27, &28) The following units of an inventory item were available for sale during the year: Beginning inventory 10 units at $50 .First purchase 25 units at $55 . Second purchase 30 units at $60 . Third purchase 15 units at $65 The firm uses the periodie inventory system. During the year, 60 units of the item were sold. 26. The value of ending inventory using FIFO is: a. $1,250 b. $1,150 c. $1,275 d. $1,050 27, The value of ending inventory using LIFO is: a. $1,250 b. $1,150 c. $1,275 d. $1,050 28. The value of ending inventory using average cost is: a. $1,252 b. $1,163 c. $1,275 d. $1,050 During a period of consistently rising prices, the method of inventory that will result in reporting the greatest cost of merchandise sold is a. FIFO b. LIFO 29. c. average cost d. weighted average

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