A companys inventory records report the following in November of the current year: ...
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Accounting
A companys inventory records report the following in November of the current year:
Beginning
November 1
4 units @ $8
Purchase
November 2
11 units @ $10
Purchase
November 12
7 units @ $12
On November 8, it sold 13 units for $38 each. Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 13 units sold?
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