The inventory data for an item for november are:

nov. 1 inventory 20 units at $19
4 sold 10 units
10 purchased 30 units at $20
17 sold 20 units
30 purchased 10 units at $21

using a perpetual system, what is the cost of the merchandise sold for november if the company uses lifo?

$610
$600
$590
$580

USING LIFO METHOD

Nov 1 Opening inventory 20 [email protected]$19 =   380

Nov 4 Sales                       10 [email protected]$19   = (190)    

Nov 10 Purchases              30 [email protected]$20 = 600  

Nov 17 Sales                       20 [email protected]$20 = (400)

Nov 30 Purchases              10 [email protected]$21  = 210

Cost of merchandise sold                             600  

The correct answer is B  

Explanation:

In LIFO method of inventory valuation, most recent stocks are issued first. For instance, sales of 10 units in November 4 will be issued from the November 1 opening inventory and valued at the price of opening inventory.November 17 sales will be issued from November 10 purchases and valued at the price of November 10 purchases.

answer; property tax payment made in july and december;