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Mkey [24]
3 years ago
13

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 N

ovember 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

Business
1 answer:
Nady [450]3 years ago
7 0

Answer:

The value of the inventory on November 8 after the sale is $276.

Explanation:

Detailed steps are attached below

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Direct material purchases in May = 21,670× $10= $216,700

Explanation:

Material purchase budget is determined by adding the closing inventory of material to the material usage budget less the opening inventory.

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