Question
FIFI AND LIFO COSTS UNDER PERPETUAL INVENTORY SYSTEM: The following units of an item were available for sale during the year: Beginning Inventory 36 units
FIFI AND LIFO COSTS UNDER PERPETUAL INVENTORY SYSTEM:
The following units of an item were available for sale during the year:
Beginning Inventory 36 units at $42
Sale 9 units at $67
First Purchase 40 Units at $45
Sale 10 units at $68
second purchase 21 units at $48
sale 69 units at $70
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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Top Accounting And Auditing Issues For 2023
Authors: CCH Tax Law Editors
1st Edition
0808059335, 978-0808059332
