The inventory data for an item for Nov. are: Nov. 1 Inventory 20 units at $20 4 Sold 10 units 10 Purchased 30 units at $24 17 Sold 20 units 30 Purchased 10 units at $22 Using the perpetual system, costing by the first-in, first-out method (FIFO), what is the cost of the merchandise inventory of 30 units on Nov 30?

Answer: The cost of the merchandise inventory of 30 units on Nov 30 = $700Step-by-step explanation:given,                   Nov. 1 Inventory 20 units at $20        4 Sold         10 units       10 Purchased 30 units at $24       17 Sold         20 units       30 Purchased 10 units at $22Units sold on 4th is out of Nov 1 inventory = (10 x 20)                                                                       = $200  30 units on November 30th cost is =                                   = 20 x $24  +  10 x $22                                   = $700 The cost of the merchandise inventory of 30 units on Nov 30 = $700