Solved: On november 8 8 units were sold for 55 each using the lifo, Accounting Basics

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On november 8 8 units were sold for 55 each using the lifo

Question - A company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6, they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what amount of gross profit was earned from the 18 units sold?

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Accounting Basics: On november 8 8 units were sold for 55 each using the lifo

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