The Inventory data for an item for November are: Nov 1 Inventory 20 units at...
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Accounting
The Inventory data for an item for November are:
Nov 1 Inventory 20 units at $20
nov 4 sold 10 units
nov 10 purchased 30 units at $21
nov 17 sold 20 units
nov 30 purchased 10 units at $22
Using the perpetual system, costing by the last- in, first-out method, what is the cost of the merchandise inventory of 30 units on November 30?
a) $640
b) $610
c) $620
d) $630(answer)
ANSWER: D
I know the answer is d)$630, but can someone show me how to solve this please? I thought that since this was the LIFO method I would start out with 10 units at $22, but I tried everything and my answer is not coming up to $630. thanks in advance!
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