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:

Participatory Planning

Includes the people who will be affected by plans and/or whose help is needed to implement them.

Increase Commitment

The process of enhancing dedication and loyalty towards a task, organization, or relationship, aiming for improved engagement and outcomes.

Scarce Resources

Natural or human-made assets that are limited in availability, often leading to competition for their use or allocation.

Participatory Planning

A planning approach that involves stakeholders, especially those affected by decisions, in the decision-making process to ensure inclusivity and relevance.