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Module $3$ Problem Set

FIFO and LIFO Costs Under Perpetual Inventory System

The following units of an item were available for sale during the year:

Beginning inventory $,28$ units at $$48$

Sale $,18$ units at $$67$

First purchase $,29$ units at $$49$

Sale $,26$ units at $$68$

Second purchase $,24$ units at $$50$

Sale $,15$ units at $$70$

The firm uses the perpetual inventory system, and there are $22$ 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?

$

b$.$ What is the total cost of the ending inventory according to LIFO?

$