A Company Had Inventory of 5 Units at a Cost

question 150

Multiple Choice

A company had inventory of 5 units at a cost of $20 each on November 1. On November 2, they purchased 10 units at $22 each. On November 6, they purchased 6 units at $25 each. On November 8, they sold 18 units for $54 each. Using the LIFO perpetual inventory method, what was the cost of the 18 units sold?

• A)$395
• B)$410
• C)$450
• D)$510
• E)$520

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Definitions:

Customer Loyalty

The likelihood of previous customers to continue to buy from a specific retailer or brand over competing ones.

Ethical Dilemma

Situation that involves making a choice when the alternatives aren’t completely wrong or completely right.

Ethics Audit

A systematic evaluation of an organization's moral principles and practices to ensure they align with desired standards.

Code of Ethics

A set of principles and guidelines designed to help professionals conduct business honestly and with integrity.