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:

Matrix Structure

is an organizational layout that assigns employees to projects and functional areas simultaneously, allowing for more dynamic and flexible team composition.

Team Leaders

Leaders who report to middle managers and supervise non-managerial workers.

Performance Accountability

The process of holding individuals or groups responsible for achieving specific outcomes or performance targets.

Customer Service

The assistance and support provided by a company to its customers before, during, and after a purchase, aiming to improve their satisfaction and loyalty.