Question

The inventory data for an item for November are:

Nov. 1 Inventory 17 units at $20
4.       Sold.           9 units
10.     Purchased 35 units at $22
17.      Sold.           15 units
30.      Purchased. 22 units at $22

using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO?

Answer 1

	Cost of goods purchase	Cost of goods sold	Ending inventory
Date	Units	Units cost	Total cost	Units	Unit cost	Total cost	Units	Unit cost	Total cost
Nov 1							17	20	340
4				9	20	180	8	20	160
10	35	22	770				8	20	160
						35	22	770
17				15	22	330	8	20	160
						20	22	440
30	22	22	484				8	20	160
						20	22	440
						22	22	484
Total						$510

Cost of goods sold = $510