Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the inventory on November 30 and (b) the cost of the goods sold for November.

Nov. 1 Purchased 600 units $80 each
4 Sold 200 units
11 Purchased 350 units $82 each
12 Sold 275 units
22 Purchased 175 units $84 each
23 Sold 155 units

Question

Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the inventory on November 30 and (b) the cost of the goods sold for November.
​
Nov. 1 Purchased 600 units $80 each
4 Sold 200 units
11 Purchased 350 units $82 each
12 Sold 275 units
22 Purchased 175 units $84 each
23 Sold 155 units
​

Quizplus · Accepted Answer

The Answer of Assuming a perpetual inventory system and the last-in, first-out method, determine (a) the inventory on November 30 and (b) the cost of the goods sold for November.
​
Nov. 1 Purchased 600 units $80 each
4 Sold 200 units
11 Purchased 350 units $82 each
12 Sold 275 units
22 Purchased 175 units $84 each
23 Sold 155 units
​

Assuming a Perpetual Inventory System and the Last-In, First-Out Method