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The inventory data for an item for November are:
Nov. 1 Inventory 23 units at $19 4 Sold 11 units 10 Purchased 32 units at $23 17 Sold 24 units 30 Purchased 21 units at $22
Problem 1: Using a perpetual system, what is the cost of the goods sold for November if the company uses LIFO?
a. $713b. $989c. $761d. $922
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