The inventory data for an item for November are: 
Using a perpetual system, what is the cost of the merchandise sold for November if the company uses LIFO?
Definitions:
Consumer Surplus
The gap between what consumers are ready and able to shell out for a good or service and what they indeed spend on it.
Equilibrium Point
An equilibrium in the market where demand meets supply, causing price levels to remain unchanged.
S And D Curves
Graphical representations of the relationship between quantities supplied and demanded at various prices.
Total Revenue
The total income a firm receives from the sale of its goods or services, calculated by multiplying the price by the quantity sold.
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