A Company Had Inventory on November 1 of 5 Units

question 157

Multiple Choice

A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

• A) $304
• B) $296
• C) $288
• D) $280
• E) $276

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Definitions:

Cerebellum

Part of the brain that plays important roles in motor control, and it may also be involved in some cognitive functions such as attention and language.

Phonological Loops

A component of the working memory model that deals with auditory information processing and verbal information storage.

Neural Activity

It encompasses all the actions and processes of nerve cells (neurons) including transmission of nerve impulses, synaptic activity, and information processing in the brain.

Chunks

Memory units that consist of several components grouped together and processed as a single unit.