Question
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Line Item Description Values
FIFO and LIFO costs under perpetual inventory system
The following units of an item were available for sale during the year:
| Line Item Description | Values |
|---|---|
| Beginning inventory | 8,100 units at $200 |
| Sale | 4,800 units at $290 |
| First purchase | 15,200 units at $203 |
| Sale | 12,900 units at $290 |
| Second purchase | 16,200 units at $208 |
| Sale | 13,900 units at $290 |
The firm uses the perpetual inventory system, and there are 7,900 units of the item on hand at the end of the year.
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
Open spreadsheet
a. What is the total cost of the ending inventory according to FIFO? fill in the blank 1 of 1$
b. What is the total cost of the ending inventory according to LIFO? fill in the blank 1 of 1$
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
Accounting Principles
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
12th edition
1119132223, 978-1-119-0944, 1118875052, 978-1119132226, 978-1118875056
