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What was the value of the inventory on november

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Reference no: EM132993250

A company had the following purchases and sales during the month of November:

Date          Activities                          Units Acquired at Cost          Units Sold at Retail

November 1 Beginning inventory         5 units                                  @ $42 = $210

November 2  Purchase                    10 units                                 @ $44 = $440

November 6 Purchase                       6 units                                 @ $47 = $282

November 8 Sales                             8 units                                       @ $88

Problem 1: Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?

Multiple Choice

Option 1: $574
Option 2: $566
Option 3: $562
Option 4: $582
Option 5: $634

Reference no: EM132993250

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