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The inventory data for an item for November are: Nov. 1 Inventory 17 units at $23 4 Sold 10 units 10 Purchased 35 units at $19 17 Sold 17 units 30 Purchased 24 units at $21 Using a perpetual system, what is the cost of goods sold for November if the company uses LIFO?

The inventory data for an item for November are:\newline\begin{tabular}{ll} \newlineNov. 11 Inventory & 1717 units at $23 \$ 23 \\\newline44 Sold & 1010 units \\\newline1010 Purchased & 3535 units at $19 \$ 19 \\\newline1717 Sold & 1717 units \\\newline3030 Purchased & 2424 units at $21 \$ 21 \newline\end{tabular}\newlineUsing a perpetual system, what is the cost of goods sold for November if the company uses LIFO?

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Q. The inventory data for an item for November are:\newline\begin{tabular}{ll} \newlineNov. 11 Inventory & 1717 units at $23 \$ 23 \\\newline44 Sold & 1010 units \\\newline1010 Purchased & 3535 units at $19 \$ 19 \\\newline1717 Sold & 1717 units \\\newline3030 Purchased & 2424 units at $21 \$ 21 \newline\end{tabular}\newlineUsing a perpetual system, what is the cost of goods sold for November if the company uses LIFO?
  1. Start with LIFO: Using LIFO, we start with the last units purchased to calculate the cost of goods sold.
  2. Calculate 1717 units cost: First, calculate the cost of the 1717 units sold on November 1717. We have 2424 units at $21\$21 from November 3030 purchase. 1717 units ×\times $21\$21 = $357\$357
  3. Calculate 1010 units cost: Now, calculate the cost of the 1010 units sold on November 44.\newlineWe have 77 units left at $21\$21 from November 3030 purchase and 3535 units at $19\$19 from November 1010 purchase.\newline77 units ×\times $21\$21 = $147\$147\newline33 units from the 3535 units at $19\$19 (since we need $21\$2111 units in total and we have already accounted for 77 units) = $\(3\) \times \$\(19\) = \(\$21\)\(3\)\(\newline\)Total cost for \(\$21\)\(1\) units = \(\$147\) + \(\$21\)\(3\) = \(\$21\)\(7\)
  4. Add total cost: Add the cost of the units sold on November \(17\) and November \(4\) to get the total cost of goods sold for November.\(\$357\) (from Nov \(17\)) + \(\$204\) (from Nov \(4\)) = \(\$561\)

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