FIFO and LIFO costs under perpetual inventory systemThe following units of an item were available for sale during the year:Beginning inventory9,200 units at $150Sale5,400 units at $250First purchase12,800 units at $155Sale10,400 units at $250Second purchase14,100 units at $162Sale12,600 units at $250The firm uses the perpetual inventory system, and there are 7,700 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?1,185,000

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Description: FIFO and LIFO costs under perpetual inventory systemThe following units of an item were available for sale during the year:Beginning inventory9,200 units at $150Sale5,400 units at $250First purchase12,800 units at $155Sale10,400 units at $250Second

calculation of ending inventory under LIFO and FIFO method

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and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 9,200 units at $150 Sale 5,400 units at $250 First purchase 12,800 units at $155 Sale 10,400 units at $250 14,100 units at $162 12,600 units at $250 The firm uses the perpetual inventory system, and there are 7,700 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? Second purchase Sale

and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 9,200 units at $150 Sale 5,400 units at $250 First purchase 12,800 units at $155 Sale 10,400 units at $250 14,100 units at $162 12,600 units at $250 The firm uses the perpetual inventory system, and there are 7,700 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? Second purchase Sale

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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