A company's inventory records report the following in November of the current year:
Beginning
November 1
5 units @ $20.
Purchase
November 2
10 @ $22
Purchase
November 6
6 @ $25
On November 8, it sold 18 units for $54 each. Using the LIFO, what amount of gross profit was earned from the 18 units sold?
$577
$562
$452
$522
+5
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Home » Business » A company's inventory records report the following in November of the current year: Beginning November 1 5 units @ $20. Purchase November 2 10 @ $22 Purchase November 6 6 @ $25 On November 8, it sold 18 units for $54 each.