Question
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory7,200 units at
FIFOandLIFOCosts Under Perpetual Inventory System
The following units of an item were available for sale during the year:
Beginning inventory7,200 units at $160Sale4,800 units at $300First purchase16,000 units at $168Sale12,000 units at $300Second purchase15,000 units at $176Sale11,000 units at $300
The firm uses the perpetual inventory system, and there are 10,400 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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Financial And Managerial Accounting
Authors: Jan R. Williams, Joseph V. Carcello, Mark S. Bettner, Sue Haka, Susan F. Haka
14th International Edition
0071101217, 9780071101219
