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Addison, Inc -The Inventory Data for an Item for November Are

Question 73

Multiple Choice

Addison, Inc. uses a perpetual inventory system. The following is information about one inventory item for the month of September:
 Sept. 1 Inventory 20 units at $204 Sale 10 units 10 Purchase 30 units at $2517 Sale 20 units 30 Purchase 10 units at $30\begin{array} { r l l } \text { Sept. } 1 & \text { Inventory } & 20 \text { units at } \$ 20 \\ 4 & \text { Sale } & 10 \text { units } \\ 10 & \text { Purchase } & 30 \text { units at } \$ 25 \\ 17 & \text { Sale } & 20 \text { units } \\ 30 & \text { Purchase } & 10 \text { units at } \$ 30 \end{array}
-The inventory data for an item for November are:
 Nov. 1 Inventory 20 units at $194 Sale 10 units 10 Purchase 30 units at $2017 Sale 20 units 30 Purchase 10 units at $21\begin{array} { r l l } \text { Nov. } 1 & \text { Inventory } & 20 \text { units at } \$ 19 \\4 & \text { Sale } & 10 \text { units } \\10 & \text { Purchase } & 30 \text { units at } \$ 20 \\17 & \text { Sale } & 20 \text { units } \\30 & \text { Purchase } & 10 \text { units at } \$ 21\end{array}
Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO?


A) $610
B) $600
C) $590
D) $580

Correct Answer:

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