Question
FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were available for sale during the year: Beginning inventory 40
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of a particular item were available for sale during the year:
| Beginning inventory | 40 units @ $49 |
| Sale | 15 units @ $78 |
| First purchase | 24 units @ $50 |
| Sale | 16 units @ $80 |
| Second purchase | 14 units @ $52 |
| Sale | 6 units @ $82 |
The firm uses the perpetual inventory system, and there are 41 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 Business Reporting For Decision Making
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
4th Edition
978-0730302414, 0730302415
