Question
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
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 $77 First purchase 36 units at $51 Sale 13 units at $77 Second purchase 17 units at $54 Sale 17 units at $77 The firm uses the perpetual inventory system, and there are 33 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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ACCA Approved Study Text P7 Advanced Audit And Assurance
Authors: BPP
1st Edition
1472744349, 978-1472744340
