Use the following data to calculate the cost of ending inven…

Use the following data to calculate the cost of ending inventory using the LIFO method. Date Line Item Description Unit cost November  1 Beginning Inventory 15 units at $20 each November 10 Purchase 20 units at $25 each November 20 Purchase 25 units at $28 each November 30 Ending Inventory 25 units

Merchandise is ordered on December 13; the merchandise is sh…

Merchandise is ordered on December 13; the merchandise is shipped by the seller and the invoice is prepared, dated, and mailed by the seller on December 16; the merchandise is received by the buyer on December 18; and the transaction is recorded in the seller’s accounts on December 16. If the credit terms are n/30, the credit period begins with what date?