Question
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 43 units
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
| Beginning inventory | 43 units at $47 |
| Sale | 37 units at $68 |
| First purchase | 16 units at $49 |
| Sale | 14 units at $70 |
| Second purchase | 26 units at $50 |
| Sale | 18 units at $70 |
The firm uses the perpetual inventory system, and there are 16 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? $ fill in the blank
b. What is the total cost of the ending inventory according to LIFO? $ fill in the blank
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
The Practice Of Modern Internal Auditing
Authors: Lawrence B Sawyer
2nd Edition
0894130927, 978-0894130922
