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1.) 2.) FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were available for sale during the year Beginning
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FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were available for sale during the year Beginning inventory Sale First purchase Sale Second purchase Sale The firm uses the perpetual inventory system, and there are 5 units of the item on hand at the end of the year a. What is the total cost of the ending inventory according to FIFO? 41 units @ $50 29 units @ $78 29 units $53 28 units @ $79 13 units @ $55 21 units @ $80 b. What is the total cost of the ending inventory according to LIFOStep by Step Solution
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