Using a LIFO Perpetual Cost Flow, Calculate the Value of the Ending

question 106

Essay

Using a LIFO perpetual cost flow, calculate the value of the ending inventory and the cost of merchandise sold for the month of November of Beamer Company using the data below.?? $\begin{array} { r r l l l } \text { Nov. } & 1 & \text { Purchase } & 600 \text { units } & \$ 80 \text { each } \\&4 & \text { Sale } & 200 \text { units } & \\&11 & \text { Purchase } & 350 \text { units } & \$ 82 \text { each } \\&12 & \text { Sale } & 275 \text { units } & \\&22 & \text { Purchase } & 175 \text { units } & \$ 84 \text { each } \\&23 & \text { Sale } & 155 \text { units } &\end{array}$ Calculate the following:
(a) Inventory valuation at the end of November
(b) Cost of merchandise sold for November

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Definitions:

Vomeronasal

An auxiliary olfactory sense organ that is found in many animals and is used to detect pheromones.

Pheromones

Chemical substances produced and released into the environment by an animal, affecting the behavior or physiology of others of its species.

Specialized Cells

Cells that have evolved distinct structures and functions for carrying out particular duties in an organism.

Specific Receptor

Specific Receptor refers to a protein molecule that receives and responds to a specific substance or signal, such as a neurotransmitter or hormone, by initiating a specific cellular response.