A Company Had Inventory on November 1 of 5 Units

question 177

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) $288
• C) $296
• D) $280
• E) $276

---

Definitions:

Sensory Adaptation

The process by which sensory receptors become less sensitive to constant or unchanging stimuli.

Stimulus Energies

The physical or environmental energies that an organism can detect and respond to, such as light, sound, and temperature.

Sensory Receptors

Specialized cells or nerve endings that respond to changes in the environment and transmit signals to the nervous system.

Sensation

The process by which our sensory receptors and nervous system receive and represent stimulus energies from our environment.