purchased merchandise in account from Martin Co. terms 2/10, n/30, FOB shipping point $36,000

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory Sale First purchase 7,200 units at $160 4,800 units at $300 16,000 units at $168 12,000 units at $300 15,000 units at $176 11,000 units at $300 Sale Second purchase Sale The firm uses the perpetual inventory system, and there are 10,400 units 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? m o ment Main dolinvoker assignments&take AssignmentSessionLocator assignment-take&inprogress false Determine the inventory at cost and also at the lower of cost or market, using the first in, first-out method. Record the appropriate unit costs on the inventory sheet, and complete the pricing of the inventory. When there are two different unit costs applicable to an item, proceed as follows: 1. Insert the quantity and unit cost of the last purchase. 2. On the following line, insert the quantity and unit cost of the next-to-the-last purchase. 3. Total the cost and market columns and insert the lower of the two totals in the LCM column. The first item on the inventory sheet has been completed as an example. Inventory Sheet December 31 Market Value per Unit (Net Realizable Value) Description Inventory Quantity Cost Price Unit Cost 85957 472 2,272 Next > Check My Work