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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: Beginning inventory Sale First
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory Sale First purchase Sale Second purchase Sale units at $ units at $ units at $ units at $ units at $ units at $ 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? $
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
Beginning inventory
Sale
First purchase
Sale
Second purchase
Sale
units at $
units at $
units at $
units at $
units at $
units at $
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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