A company's inventory records report the following in November of the current year: DateActivitiesUnits Acquired...
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Accounting
A company's inventory records report the following in November of the current year:
DateActivitiesUnits Acquired at CostUnits Sold at RetailNovember 1Beginning inventory5 units @ $44 = $220 November 2Purchase10 units @ $46 = $460 November 8Sales 12 units @ $78November 12Purchase6 units @ $49 = $294Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold?
Multiple Choice
$494
$548
$570
$356
$426
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