Question: plese help as fast as possible 1. A company's inventory records report the following in November of the current year: Beginning November 1 5 units
1. A company's inventory records report the following in November of the current year: Beginning November 1 5 units @ $20 10 units @ $22 Purchase November 2 Purchase November 12 6 units @ $25 On November 8, it sold 12 units for $54 each. Required (12 points): (1) Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? (2) Using the LIFO perpetual inventory method, what amount of gross profit was eamed from the 12 units sold? (3) Using the FIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? (4) Using the FIFO perpetual inventory method, what is the value of the inventory at November 30
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
