Question
eBookShow Me How Question Content Area FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during
eBookShow Me How Question Content Area 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 $46
Sale 25 units at $69
First purchase 36 units at $47
Sale 28 units at $71
Second purchase 30 units at $49
Sale 21 units at $72
The firm uses the perpetual inventory system, and there are 20 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?
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Core Concepts of Accounting Information Systems
Authors: Mark G. Simkin, Jacob M. Rose, Carolyn S. Norman
12th edition
1118022300, 978-1118022306
