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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FERPA

The Family Educational Rights and Privacy Act, a federal law that protects the privacy of student education records.

Federal Law

Federal law consists of rules and regulations that are enacted by the national government and applicable throughout the country.

Placement Site

The specific location where an individual is assigned to work, study, or perform duties as part of a program or job.

Mission Statement

A formal summary of the aims and values of a company, organization, or individual, guiding its decisions and actions.