A Company's Inventory Records Report the Following in November of the Current

question 237

Multiple Choice

A company's inventory records report the following in November of the current year:
$$\begin{array} { | l | l | l | } \hline \text { Beginning } & \text { November } 1 & 5 \text { units @ \$20 } \\\hline \text { Purchase } & \text { November } 2 & 10 \text { units @ \$22 } \\\hline \text { Purchase } & \text { November } 12 & 6 \text { units @ \$25 } \\\hline\end{array}$$
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On November 8,it sold 12 units for $54 each.Using the LIFO perpetual inventory method,what was the amount recorded in the cost of goods sold account for the 12 units sold?

• A) $254
• B) $260
• C) $282
• D) $188
• E) $210

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Definitions:

Long-run Equilibrium

The state in which all inputs are variable, allowing firms to make adjustments and the market to clear.

Efficient Scale

The level of production at which average total costs are minimized.

Elasticity Of Demand

Elasticity of demand measures how the quantity demanded of a good changes in response to changes in its price.

Advertising

The activity or profession of producing advertisements for commercial products or services, aiming to influence consumer behavior.