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:

Nervous System

An extensive network of specialized cells and tissues responsible for controlling and coordinating body activities by transmitting electrical and chemical signals throughout the body.

Meninx

A term related to the meninges, which are the three layers of protective tissue surrounding the brain and spinal cord.

Withdrawal Reflex

An involuntary reaction to a painful or harmful stimulus that results in the quick retraction of the body part exposed to the danger, providing a protective mechanism.

Stretch Reflex

A muscle contraction in response to stretching within the muscle, designed to maintain muscle tone and posture.