A Company Had Inventory on November 1 of 5 Units

question 157

Multiple Choice

A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

• A) $304
• B) $296
• C) $288
• D) $280
• E) $276

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Definitions:

Exports

Goods or services produced in one country and sold to buyers in another, contributing to international trade and economic globalization.

Intangibility

Intangibility refers to the characteristic of services that cannot be seen, touched, or physically measured, making them difficult to evaluate before purchase.

Spa Amenities

Features and services provided by a spa, such as massages, facials, and body treatments, aimed at enhancing the guest's relaxation and well-being.

Gross Domestic Product

The total value of all goods and services produced within a country's borders in a specific time period, serving as a measure of economic performance.