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

---

Definitions:

Hematite

A mineral form of iron(III) oxide (Fe2O3), typically a reddish-black color, which is an important ore of iron.

Feldspar

A group of rock-forming silicate minerals that make up about 41% of the Earth's continental crust by weight.

Terrestrial Planets

Terrestrial planets are those that are composed primarily of silicate rocks or metals, with solid surfaces, including Mercury, Venus, Earth, and Mars in our solar system.

Saturn

The sixth planet from the Sun, known for its extensive ring system, which is composed mainly of ice particles, rock debris, and dust.