Question
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 45 units
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
| Beginning inventory | 45 units at $47 |
| Sale | 15 units at $66 |
| First purchase | 23 units at $49 |
| Sale | 18 units at $67 |
| Second purchase | 25 units at $52 |
| Sale | 37 units at $68 |
The firm uses the perpetual inventory system, and there are 23 units of the item on hand at the end of the year.
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Auditing And Assurance Services
Authors: Alvin Arens, Randal J. Elder
14th Global Edition
0273755013, 978-0273755012
