The Inventory Data for an Item for November Are Using a Perpetual System, What Is the Cost of the

question 189

Multiple Choice

The inventory data for an item for November are: $$\begin{array} { r l l } \text { Nov. } 1 & \text { Inventory } & 20 \text { units at } \$ 19 \\4 & \text { Sold } & 10 \text { units } \\10 & \text { Purchased } & 30 \text { units at } \$ 20 \\17 & \text { Sold } & 20 \text { units } \\30 & \text { Purchased } & 10 \text { units at } \$ 21\end{array}$$ Using a perpetual system, what is the cost of the merchandise sold for November if the company uses LIFO?

• A) $610
• B) $600
• C) $590
• D) $580

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Definitions:

Monetary Trades

Transactions involving the exchange of goods or services for money, forming the basis of most modern economic systems.

Immense Wealth

Refers to the possession of a vast amount of resources, assets, or money that significantly exceeds the norm.

Objective Interactions

are interactions that are observed to occur in a predictable and measurable way, independent of subjective opinions.

Social Group

A collection of individuals who interact with each other, share similar characteristics, and collectively have a sense of unity or identity.