Answer:
Cost of goods sold $
589
Explanation:
Under the LIFO inventory system units of inventory are priced using the price of the most recent batch purchased and this continues in turn.
The total value of purchases = (16 × $22) + ( 29 × $2) + (24 × $24)= $1,595
The cost of goods sold can worked out as follows:
Nov 4th - 9 × $22 = 198
Nov 17th - 17× $23 = 391
Cost of goods sold = (198+ 391
)=$
589
Cost of goods sold $
589
