Bonnie Company had inventory on November 1 of 5 units at a cost of $20 each. On November 2, they purchased 10 units at $22 each. On November 6 they purchased 6 units at $25 each. On November 8, 8 units were sold for $55 each. Using the LIFO perpetual inventory method, what was the value of the inventory on November 8 after the sale?
A) $304
B) $296
C) $288
D) $276
E) $280
Ans: D) $276
Business
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Indicate whether the statement is true or false
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