Question
FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were available for sale during the year: Beginning inventory 37
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of a particular item were available for sale during the year:
| Beginning inventory | 37 units @ $45 |
| Sale | 13 units @ $68 |
| First purchase | 29 units @ $47 |
| Sale | 17 units @ $70 |
| Second purchase | 21 units @ $49 |
| Sale | 40 units @ $72 |
The firm uses the perpetual inventory system, and there are 17 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? $
b. What is the total cost of the ending inventory according to LIFO? $
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Internal Auditing Assurance And Consulting Services
Authors: Kurt F. Reding, Paul J. Sobel, Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Mark Salamasick, Contributing Writer, Cris Ridd, Richard Tuschman
1st Edition
0894136100, 978-0894136108
