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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 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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