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Determine the cost of merchandise sold on November

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Reference no: EM132681270

Problem - Perpetual inventory using LIFO

Beginning inventory, purchases, and sales for Item QED9 are as follows:

Nov 1 Inventory 90 units at $50

Nov 4 Sale 72 units

Nov 23 Purchase 100 units at $60

Nov 26 Sale 84 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine

(a) the cost of merchandise sold on November 26.

(b) the inventory on November 30.

Reference no: EM132681270

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