Question
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 44 units
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
| Beginning inventory | 44 units at $49 |
| Sale | 41 units at $78 |
| First purchase | 35 units at $50 |
| Sale | 32 units at $79 |
| Second purchase | 12 units at $51 |
| Sale | 11 units at $81 |
The firm uses the perpetual inventory system, and there are 7 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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Financial Accounting an introduction to concepts, methods and uses
Authors: Clyde P. Stickney, Roman L. Weil, Katherine Schipper, Jennifer Francis
13th Edition
978-0538776080, 324651147, 538776080, 9780324651140, 978-0324789003
