Question
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 32 units
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
| Beginning inventory | 32 units at $43 |
| Sale | 26 units at $67 |
| First purchase | 22 units at $45 |
| Sale | 18 units at $69 |
| Second purchase | 29 units at $48 |
| Sale | 25 units at $70 |
The firm uses the perpetual inventory system, and there are 14 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 Management In The Sport Industry
Authors: Matthew T Brown, Daniel Rascher, Mark S Nagel, Chad McEvoy
2nd Edition
9781621590118
