Question

The inventory data for an item for November are:

Nov.01

Inventory

18 units at $22.00

Nov.04

Sold

11 units

Nov.10

Purchased

29 units at $21.00

Nov.17

Sold

21 units

Nov.30

Purchased

25 units at $21.00

Using the perpetual system, what is the cost of the merchandisesold for November if the company uses LIFO?