Given the Following Information, Determine the Cost of Goods Sold

question 65

Essay

Given the following information, determine the cost of goods sold at November 30 using the LIFO perpetual inventory method.
November 3: 15 units were purchased at $8 per unit.
November 11: 18 units were purchased at $9.50 per unit.
November 15: 15 units were sold at $45 per unit.
November 18: 30 units were purchased at $10.75 per unit.
November 30: 20 units were sold at $55 per unit.

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Definitions:

Intermediate Vehicle Carriers

Companies or services that provide transportation of goods between primary carriers and final delivery points.

Small Package Carriers

Companies that specialize in the shipment of small parcels or packages, typically offering services like rapid delivery and tracking capabilities.

Transportation Management

The planning, execution, and optimization of the physical movement of goods, both incoming and outgoing, and ensuring the shipment is compliant and properly documented.