Question: 8. The inventory method that considers the inventory to be composed of the units of merchandise acquired latest is called a. first-in, first-out b. last-in,

8. The inventory method that considers the inventory to be composed

8. The inventory method that considers the inventory to be composed of the units of merchandise acquired latest is called a. first-in, first-out b. last-in, first-out c. average cost d. retail method 9. The inventory data for an item for November are: Nov(1)4101730InventorySoldPurchasedSoldPurchased20unitsat$2010units30unitsat$2120units10unitsat$22 Using the perpetual system, costing by the first-in, first-out method, what is the cost of the merchandise inventory of 30 units on November 30 ? a. $640 b. $610 c. $620 d. $630 10. The inventory data for an item for November are: Using the perpetual system, costing by the last-in, first-out method, what is the cost of the merchandise inventory of 30 units on November 30 ? a. $640 b. $610 c. $620 d. $630

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