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he following units of an item were available for sale during the year: Beginning inventory 28 units at $49 Sale 24 units at $69 First
he following units of an item were available for sale during the year:
Beginning inventory | 28 units at $49 |
Sale | 24 units at $69 |
First purchase | 33 units at $52 |
Sale | 21 units at $70 |
Second purchase | 27 units at $53 |
Sale | 19 units at $70 |
The firm uses the perpetual inventory system, and there are 24 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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