A company's inventory records report the following in November of the current year: $$\begin{array} { | l | l | l | }
\hline \text { Beginning } & \text { November 1 } & 5 \text { units } @ \$ 20 \
\hline \text { Purchase } & \text { November } 2 & 10 \text { units } @ \$ 22 \
\hline \text { Purchase } & \text { November 12 } & 6 \text { units } @ \$ 25 \
\hline
\end{array}$$ On November 8, it sold 12 units for $54 each. Using the LIFO perpetual inventory method, what amount of gross profit was earned from the 12 units sold?
A)$366
B)$388
C)$577
D)$260
E)$438

Question

A company's inventory records report the following in November of the current year: $$\begin{array} { | l | l | l | } 
\hline \text { Beginning } & \text { November 1 } & 5 \text { units } @ \$ 20 \
\hline \text { Purchase } & \text { November } 2 & 10 \text { units } @ \$ 22 \
\hline \text { Purchase } & \text { November 12 } & 6 \text { units } @ \$ 25 \
\hline
\end{array}$$ On November 8, it sold 12 units for $54 each. Using the LIFO perpetual inventory method, what amount of gross profit was earned from the 12 units sold?
A)$366
B)$388
C)$577
D)$260
E)$438

Quizplus · Accepted Answer

The Answer of A company's inventory records report the following in November of the current year: $$\begin{array} { | l | l | l | } 
\hline \text { Beginning } & \text { November 1 } & 5 \text { units } @ \$ 20 \
\hline \text { Purchase } & \text { November } 2 & 10 \text { units } @ \$ 22 \
\hline \text { Purchase } & \text { November 12 } & 6 \text { units } @ \$ 25 \
\hline
\end{array}$$ On November 8, it sold 12 units for $54 each. Using the LIFO perpetual inventory method, what amount of gross profit was earned from the 12 units sold?
A)$366
B)$388
C)$577
D)$260
E)$438

A Company's Inventory Records Report the Following in November of the Current