Accounting Questions

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an Item were available for sale during the year: Beginning inventory 29 units at $45 Sale 19 units at $68 First purchase 18 units at $46 Sale 16 units at $68 Second purchase 19 units at $47 Sale 14 units at $70 The rm uses the perpetual inventory system, and there are 17 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? ai: Periodic inventory by three methods; cost of goods sold The units of an item available for sale during the year were as follows: Jan. 1 Inventory 50 units at $110 Mar. 10 Purchase 70 units at $122 Aug. 30 Purchase 30 units at $126 Dec. 12 Purchase 50 units at $132 There are 60 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the ending inventory cost and the cost of goods sold by three methods. Round interim calculations to one decimal and final answers to the nearest whole dollar. Cost of Ending Inventory and Cost of Goods Sold Inventory Method Ending Inventory Cost of Goods Sold First-in, first-out (FIFO) Last-in, first-out (LIFO) Weighted average cost