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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 20,000 units
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 20,000 units @ $47 Sale 10,344 units @ $73 First purchase 26,000 units @ $50 Sale 20,304 units @ $75 Second purchase 24,000 units @ $52 15,845 units @ $76 The firm uses the perpetual inventory system, and there are 23,507 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? Sale b. What is the total cost of the ending inventory according to LIFO
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