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The following units of an item were available for sale during the year: Beginning inventory 26,000 units @ $49 Sale 23,336 units @ $69 First
The following units of an item were available for sale during the year:
Beginning inventory | 26,000 units @ $49 |
Sale | 23,336 units @ $69 |
First purchase | 38,000 units @ $50 |
Sale | 20,256 units @ $70 |
Second purchase | 30,000 units @ $53 |
Sale | 22,898 units @ $70 |
The firm uses the perpetual inventory system, and there are 27,510 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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