A Company Had Inventory on November 1 of 5 Units

question 157

Multiple Choice

A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

• A) $304
• B) $296
• C) $288
• D) $280
• E) $276

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Definitions:

Precipitous Labor

Labor that progresses very quickly, often resulting in childbirth in less than three hours from the onset of contractions.

Contractions

The tightening and shortening of muscles, often referring to those of the uterus during labor.

Fetal Presentation

The position a fetus is in, in relation to the birth canal, during delivery. Common presentations include cephalic (head first), breech (feet or buttocks first), and shoulder.

Vertex

The highest point; in obstetrics, it refers to the top portion of the baby's head as it presents in the birth canal.