A company purchased $8,200 of merchandise on June 15 with terms of 3/10, n/45. A

Question

A company purchased $8,200 of merchandise on June 15 with terms of 3/10, n/45. A company purchased $8,200 of merchandise on June 15 with terms of 3/10, n/45. A company purchased $8,200 of merchandise on June 15 with terms of 3/10, n/45. A company purchased $8,200 of merchandise on June 15 with terms of 3/10, n/45. Micherm Exam (Ch 16 Help Seve & Exi A company's nventory records seport the toilowing in November of the current year 28 Beginning November 1 6units $12 PurchaseNovember 2 12 units @ $14 Purchase Noveber 12 8 units 516 2.77 On November &Rsokd; 14 unvits for $42 each Usng the UIFO perpetual inventory method, whuat was the amount recorded im the account for the 14 units sold

Explanation / Answer

Calculate cost of goods sold under LIFO perpetual method :

Cost of goods sold = (12*14+2*12) = 192

so answer is Cost of goods sold under LIFO perpetual method is $192

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