The inventory data for an item for November are: Using a perpetual system, what is the cost of merchandise sold for November if the company uses LIFO? a. $764 b. $755 c. $1,021 d. 5980 Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the Fifo inventory cost method. 4. 546 b. 574 C. 518 d. $102 The following units of an inventory item were available for sale during the year: The firm uses the periodic inventory system. During the year, 57 units of the item were sold. The value of ending inventory using LIFO is a. $423 b. $1,020 c. $1,231 d. 5808 a. \$162.9k0 b. XXS,142 c. l,9xk di 530,489 Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the fifo inventory cost method. a. \$41 b. 3253 d. $361