Question
< FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory
< FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 46 units at $42 36 units at $65 Sale First purchase 24 units at $45 Sale 19 units at $66 Second purchase Sale 30 units at $46 27 units at $66 The firm uses the perpetual inventory system, and there are 18 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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Fundamental Accounting Principles Volume II
Authors: Larson Kermit, Jensen Tilly
14th Canadian Edition
71051570, 0-07-105150-3, 978-0071051576, 978-0-07-10515, 978-1259066511
