Question
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 30 units
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
Beginning inventory 30 units at $48
Sale 27 units at $77
First purchase 21 units at $49
Sale 16 units at $79
Second purchase 24 units at $51
Sale 13 units at $80
The firm uses the perpetual inventory system, and there are 19 units of the item on hand at the end of the year.
. What is the total cost of the ending inventory according to LIFO?
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Financial Accounting An Introduction To Concepts Methods And Uses
Authors: Clyde P. Stickney, Roman L. Weil
10th Edition
0324183518, 978-0324183511
