Question: The Inventory data for an item for November are: Nov 1 Inventory 20 units at $20 nov 4 sold 10 units nov 10 purchased 30

The Inventory data for an item for November are:

Nov 1 Inventory 20 units at $20

nov 4 sold 10 units

nov 10 purchased 30 units at $21

nov 17 sold 20 units

nov 30 purchased 10 units at $22

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(answer)

ANSWER: D

I know the answer is d)$630, but can someone show me how to solve this please? I thought that since this was the LIFO method I would start out with 10 units at $22, but I tried everything and my answer is not coming up to $630. thanks in advance!

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