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:

Solve

The process of finding the value(s) of the variable(s) that satisfy an equation, inequality, or system of equations.

Synthetic Division

A simplified method of dividing polynomials, especially useful for dividing by linear factors.

Divide

A mathematical operation that represents dividing one quantity by another to find out how many times the divisor fits into the dividend.

Division

Division is a fundamental arithmetic operation that divides a number (the dividend) by another (the divisor) to find a quotient, possibly with a remainder.