Question
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 23 units
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year:
Beginning inventory 23 units at $40
Sale 18 units at $60
First purchase 28 units at $41
Sale 16 units at $61
Second purchase 30 units at $42
Sale 28 units at $63
The firm uses the perpetual inventory system, and there are 19 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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Financial and Managerial Accounting
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
11th Edition
9780538480901, 9781111525774, 538480890, 538480904, 1111525773, 978-0538480895
