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

question 39

Multiple Choice

The inventory data for an item for November are: $\begin{array}{l}\begin{array}{lll}\text { Nov } & 1& \text { Inventory } \\&4 & \text { Sold } \\& 10 & \text { Purchased } \\& 17 & \text { Sold } \\& 30 & \text { Purchased } \\\end{array}\begin{array}{lll}\quad\quad\quad\quad\quad\quad\\\end{array}\begin{array}{lll}20& \text { units at \$19 } \\10& \text { units } \\30& \text { units at \$20 } \\20& \text { units } \\10& \text { units at \$21 } \\\end{array}\end{array}$ 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:

Luxury Goods

High-quality, often expensive, items not necessary for survival but considered desirable within a culture or society, often used as a status symbol.

Generation X

The generation of people born approximately between the early 1960s and late 1970s, known for its bridging role between the Baby Boomers and Millennials.

Generation Y

Also known as Millennials, this demographic cohort follows Generation X and is generally considered to include individuals born from the early 1980s to the mid-1990s to early 2000s.

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