A Company Had 8 Units of Inventory at a Cost

question 121

Multiple Choice

A company had 8 units of inventory at a cost of $12 each in inventory on November 1. On November 2, the company purchased 13 units at $13 each. On November 6, the company purchased 9 units at $14 each. On November 8, the company sold 24 units for $57 each. Given this information, determine the cost of the 24 units sold using the LIFO periodic inventory method.

• A)$307
• B)$319
• C)$336
• D)$415
• E)$442

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Definitions:

Units

A standard measurement for quantity used to quantify material amount or the extent of something.

Good

A physical item that is produced and can be sold or traded to satisfy people's wants or needs.

Service

An intangible activity or benefit provided to satisfy the needs of a consumer or business.

Essential Goods

Items considered necessary for basic human survival and well-being, such as food, water, and shelter.