Question: 20. The inventory method that considers the ending Merchandise Inventory account to be composed of the units of merchandise acquired earliest is called: a. first-in,

20. The inventory method that considers the ending Merchandise Inventory account

20. The inventory method that considers the ending Merchandise Inventory account to be composed of the units of merchandise acquired earliest is called: a. first-in, first-out b. last-in, first-out c. average cost d. retail method 21. The inventory data for an item for November are: Using the perpetual system, costing by the first-in, first-out method, what is the balance of the Merchandise Inventory account of 30 units on November 30 ? a. $640 b. $610 c. $620 d. $630 22. The inventory data for an item for November are: Using the perpetual system, costing by the last-in, first-out method, what is the balance of the Merchandise Inventory account of 30 units on November 30 ? a. $640 b. $630 c. $660

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