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The following units of an item were available for sale during the year: Beginning inventory 30 units at $49 Sale 19 units at $78
The following units of an item were available for sale during the year: Beginning inventory 30 units at $49 Sale 19 units at $78 First purchase 19 units at $51 Sale 7 units at $79 Second purchase 28 units at $54 27 units at $80 Sale 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? b. What is the total cost of the ending inventory according to LIFO?
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Financial Accounting A User Perspective
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
6th Canadian Edition
470676604, 978-0470676608
