Question
FIFOandLIFOCosts Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory42 units at $50Sale39 units at
FIFOandLIFOCosts Under Perpetual Inventory System
The following units of an item were available for sale during the year:
Beginning inventory42 units at $50Sale39 units at $78First purchase28 units at $52Sale23 units at $80Second purchase13 units at $55Sale12 units at $80
The firm uses the perpetual inventory system, and there are 9 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
I need explanations please I dont need just the answers because I am kind of confused thank you
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Financial Accounting
Authors: Jeffrey Waybright, Robert Kemp
1st Edition
013606048X, 9780136060482
