Hello, I need help with the following question(s): e Chegg Study! Guided So Conn

Question

Hello, I need help with the following question(s):

e Chegg Study! Guided So Connect On April 1, Griffith Publi X. × × ? ? ??Secure l https://newconnect.mheducation.com/flow/connect.html Exam 2 Saved Help Save & Exit Submit MC Qu. 108 A company had inventory... A company had inventory on November 1of 5 units at a cost of $19 each. On November 2, they purchased 10 units at $21 each. On November 6 they purchased 6 units at $24 each. On November 8, 10 units were sold for $54 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? pcinis 01:495 Multiple Choice $230 $221 $240 Mc Graw 7-28 PM O Type here to search 4) 7/2018

Explanation / Answer

13) Value of ending inventory under LIFO perpetual method = (5*19+6*21) = $221

So answer is b) $221

14) Cost of goods sold under LIFO perpetual method = (10*15+2*13) = 176

So answer is a) $176

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