Question

Using a perpetual system, what is the cost of the goods sold for November if the...

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

Nov. 01 Inventory 19 units at $21.00
Nov. 04 Sold 10 units
Nov. 10 Purchased 30 units at $22.00
Nov. 17 Sold 15 units
Nov. 30 Purchased 23 units at $20.00

Using the perpetual LIFO system, what is the cost of the merchandise sold for November?

Select the correct answer.

$531.00

$729.00

$988.00

$540.00

Homework Answers

Answer #1
Answer:
Cost of the merchandise sold for November
    = (Units Sold on Nov. 4 x Price for First purchase )
                   + (Units sold on Nov. 17 x Price for Nov. 10 purchase)
    = ( 10 Units x $ 21 ) + ( 15 Units x $ 22 )
    =    $ 210 + $ 330
    =    $ 540
Cost of the merchandise sold for November      =    $ 540
Option (d) is Correct
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