A company's inventory records report the following in November of the current year:
$$\begin{array} { | l | l | l | }
\hline \text { Beginning } & \text { November 1 } & 5 \text { units @ \$20 } \
\hline \text { Purchase } & \text { November 2 } & 10 \text { units @ \$22 } \
\hline \text { Purchase } & \text { November 12 } & 6 \text { units @ \$25 } \
\hline
\end{array}$$
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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?

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?

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