The following units of a particular item were available for sale during the year: Beginning inventory........................................49 units

Question:

The following units of a particular item were available for sale during the year:
Beginning inventory........................................49 units @ $50
Sale............................................................26 units @ $75
First purchase................................................15 units @ $51
Sale...........................................................24 units @ $75
Second purchase...........................................28 units @ $54
Sale......................................................... 27 units @ $76
The firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year.
a. What is the total cost of the according to FIFO?
$
b. What is the total cost of the according to LIFO?
$
Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...