Question
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 22,000 units
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
Beginning inventory 22,000 units @ $41 Sale 15,231 units @ $66 First purchase 28,000 units @ $43 Sale 17,739 units @ $67 Second purchase 28,000 units @ $44 Sale 21,382 units @ $68
The firm uses the perpetual inventory system, and there are 23,648 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
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
| Beginning inventory | 22,000 units @ $41 |
| Sale | 15,231 units @ $66 |
| First purchase | 28,000 units @ $43 |
| Sale | 17,739 units @ $67 |
| Second purchase | 28,000 units @ $44 |
| Sale | 21,382 units @ $68 |
The firm uses the perpetual inventory system, and there are 23,648 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 Reporting Analysis And Decision Making
Authors: Shirley Carlon, Rosina Mladenovic Mcalpine, Chrisann Palm, Lorena Mitrione, Ngaire Kirk, Lily Wong
5th Edition
0730313743, 978-0730313748
