The Inventory Data for an Item for November Are Using a Perpetual System, What Is the Cost of the

The inventory data for an item for November are: $\begin{array}{rll}\text { Nov. } 1 & \text { Inventory } & 20 \text { units at } \$ 19 \\4 & \text { Sold } & 10 \text { units } \\10 & \text { Purchased } & 30 \text { units at } \$ 20 \\17 & \text { Sold } & 20 \text { units } \\30 & \text { Purchased } & 10 \text { units at } \$ 21\end{array}$ Using a perpetual system, what is the cost of the merchandise sold for November if the company uses LIFO?

A) $610
B) $600
C) $590
D) $580

Correct Answer:

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