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Problem - Perpetual inventory using LIFO
Beginning inventory, purchases, and sales for Item QED9 are as follows:
Nov 1 Inventory 90 units at $50
Nov 4 Sale 72 units
Nov 23 Purchase 100 units at $60
Nov 26 Sale 84 units
Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine
(a) the cost of merchandise sold on November 26.
(b) the inventory on November 30.
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