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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 inventory31 units at
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
Beginning inventory31 units at $47Sale22 units at $71First purchase20 units at $48Sale13 units at $73Second purchase27 units at $50Sale20 units at $73The firm uses the perpetual inventory system, and there are 23 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? $fill in the blank 2
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