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:

Enter

To go or come into a particular place or condition, often used in the context of data entry or entering a room.

Dyspepsia

A term that describes discomfort or pain in the upper abdomen, typically referred to as indigestion.

Ascites

Accumulation of fluid in the peritoneal cavity, often due to liver disease or heart failure.

Dysphagia

Difficulty or discomfort in swallowing, as a symptom of disease.