Question
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 21 units
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 21 units at $42 Sale 8 units at $67 First purchase 21 units at $43 Sale 18 units at $67 Second purchase 30 units at $44 Sale 19 units at $69 The firm uses the perpetual inventory system, and there are 27 units of the item on hand at the end of the year.
The firm uses the perpetual inventory system, and there are 27 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?
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Modern Auditing
Authors: William C Boynton, Raymond N Johnson
8th Edition
0471230111, 978-0471230113
