The inventory data for an item for November are: Nov. 1 Inventory 23 units at...
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The inventory data for an item for November are: Nov. 1 Inventory 23 units at $23 4 Sold 11 units 10 Purchased 29 units at $22 17 Sold 22 units 30 Purchased 24 units at $24 Using a perpetual system, what is the cost of goods sold for November if the company uses LIFO? a. $994 b. $737 c. $1,013 d. $749 Boxwood Company sells blankets for $39 each. The following information was taken from the inventory records during May. The company had no beginning inventory on May 1. Boxwood uses a perpetual inventory system. Date Blankets Units Cost May 3 Purchase 7 $18 10 Sale 3 17 Purchase 14 $15 20 Sale 4 23 Sale 3 30 Purchase 8 $21 Determine the cost of goods sold for the sale of May 20 using the LIFO inventory costing method. a. $168 b. $45 c. $60 d. $54
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