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?FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 2 1
?FIFO and LIFO costs under perpetual inventory system
The following units of an item were available for sale during the year:
Beginning inventory
?units at $
Sale
First purchase
?units at $
Sale
?units at $
Second purchase
?units at $
Sale
?units at $
?units at $
The firm uses the perpetual inventory system, and there are ?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?
$
b ?What is the total cost of the ending inventory according to LIFO?
$
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