Question
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 9,200 units
FIFO and LIFO costs under perpetual inventory system
The following units of an item were available for sale during the year:
Beginning inventory 9,200 units at $150
Sale 5,400 units at $250
First purchase 12,800 units at $155
Sale 10,400 units at $250
Second purchase 14,100 units at $162
Sale 12,600 units at $250
The firm uses the perpetual inventory system, and there are 7,700 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 1
b. What is the total cost of the ending inventory according to LIFO? $fill in the blank 2
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The Customer Satisfaction Audit
Authors: Abram I Bluestein, Michael Moriarty, Ronald J Sanderson
1st Edition
190243398X, 978-1902433981
