Question
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 21 units
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
| Beginning inventory | 21 units at $42 |
| Sale | 18 units at $61 |
| First purchase | 23 units at $45 |
| Sale | 18 units at $61 |
| Second purchase | 28 units at $46 |
| Sale | 24 units at $62 |
The firm uses the perpetual inventory system, and there are 12 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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Accounting What the Numbers Mean
Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele
10th edition
9780077515904, 007802529X, 77515900, 978-0078025297
