Question
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory23 units at
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year:
Beginning inventory23 units at $43 Sale16 units at $65 First purchase17 units at $45 Sale8 units at $65 Second purchase26 units at $47 Sale20 units at $67
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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Auditing Cases An Interactive Learning Approach
Authors: Steven M Glover, Douglas F Prawitt
4th Edition
0132423502, 978-0132423502
