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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: The firm uses the
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
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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Accounting
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
27th edition
978-1337272094, 1337272094, 978-1337514071, 1337514071, 978-1337899451
