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Homework answers / question archive / Beginning inventory, purchases, and sales for Item MMM8 are as follows: November 1 Inventory 101 15 9 Sale 88 16 Purchase 130 8 25 Sale 80 Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the inventory value on November 30

Beginning inventory, purchases, and sales for Item MMM8 are as follows: November 1 Inventory 101 15 9 Sale 88 16 Purchase 130 8 25 Sale 80 Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the inventory value on November 30

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Beginning inventory, purchases, and sales for Item MMM8 are as follows: November 1 Inventory 101 15 9 Sale 88 16 Purchase 130 8 25 Sale 80 Assuming a perpetual inventory system and using the Last-in, first-out (FIFO) method, determine the inventory value on November 30. 
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Computation of Inventory Value on November 30 using LIFO Method:

LIFO Basis:                
Date                          Purchases                            Sales                Inventory Balance
  Units Unit Cost Total Cost Units Unit Cost Total Cost Units Unit Cost Total Cost
1-Nov             101 $15  $1,515 
9-Nov       88 $15  $1,320  13 $15  $195 
16-Nov 130 $8  $1,040        13 15 195
              130 $8  $1,040 
25-Nov       80 $8  $640  13 15 195
              50 $8  $400 
Total        168   $1,960  63   $595 

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