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Question
Using a LIFO perpetual cost flow and the following data for Beamer Company, determine the value of the ending inventory and the cost of merchandise sold for the month of November.
Nov. 1 Purchase 600 units $80 each
4 Sale 200 units
11 Purchase 350 units $82 each
12 Sale 275 units
22 Purchase 175 units $84 each
23 Sale 155 units
Calculate the following:
(a) Inventory valuation at the end of November
(b) Cost of merchandise sold for November
Answer
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