3 years ago

The inventory data for an item for November are:

Business

1 answer:

Katen [24]3 years ago

8 0

Answer:

USING LIFO METHOD

Nov 1 Opening inventory 20 [email protected]$19 = 380

Nov 4 Sales 10 [email protected]$19 = (190)

Nov 10 Purchases 30 [email protected]$20 = 600

Nov 17 Sales 20 [email protected]$20 = (400)

Nov 30 Purchases 10 [email protected]$21 = 210

Cost of merchandise sold 600

The correct answer is B

Explanation:

In LIFO method of inventory valuation, most recent stocks are issued first. For instance, sales of 10 units in November 4 will be issued from the November 1 opening inventory and valued at the price of opening inventory.November 17 sales will be issued from November 10 purchases and valued at the price of November 10 purchases.

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