Adam IncUses a Perpetual Inventory System If Adam Uses the LIFO Method, How Much Is Cost

question 99

Multiple Choice

Adam Inc.uses a perpetual inventory system. Jan.
$\begin{array}{rlr}1 & \text { On hand, } 10 \text { units at } \$ 2 \text { each } & \$ 20 \\4 & \text { Sold } 8 \text { units for } \$ 10 \text { each } & 80 \\22 & \text { Purchased } 50 \text { units at } \$ 4 \text { each } & 200 \\26 & \text { Sold } 48 \text { units for } \$ 10 \text { each } & 480\end{array}$ If Adam uses the LIFO method, how much is cost of goods sold for the month of January?

• A) $208
• B) $560
• C) $204
• D) $212

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Definitions:

Claim

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