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