Question Completion Status: QUESTION 1 A company had inventory on November 1 of

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Question Completion Status: QUESTION 1 A company had inventory on November 1 of 22 units at a cost of $26 each. On November 2, the purchased 27 units at $27 each. On November 6, they purchased 23 units at $28 each. On November 8, 25 units were sold for $38 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale? $1,304 $1,269 O $1,271 $1,222 $1,247 QUESTION 2 A company has inventory of 22 units at a cost of $15 each on August 1. on August 5, they purchased 17 units at $13 per unit. On August 12, they purchased 27 units at $28 per unit. On August 15, they after the unite Icing 44 tha sold EIEo nernatual inventory method, what is the value of the inventory on August 15

Explanation / Answer

Question no. 1: The correct answer is $ 1,247

Since LIFO method is being followed, 22 units @ $ 26 and 25 units @ $ 27 remain in stock or 572 +675 = $ 1,247

Question no. 13: The correct answer is $ 1,403,000

Gross sales 1,660,000 Less sales discounts 118,000 Less returns and allowances 139,000 Net sales $ 1,403,000

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