FIFO and LIFO costs under perpetual inventory systemThe following units of an item were available for sale during the year:Beginning inventory33 units at $45Sale28 units at $63First purchase15 units at $48Sale6 units at $6426 units at $5124 units at $64The firm uses the perpetual inventory system, and there are 16 units of the item on hand at the end of the year.Second purchaseSalea. What is the total cost of the ending inventory according to FIFO?$b. What is the total cost of the ending inventory according to LIFO?

A perpetual inventory system is a method of tracking and recording inventory transactions in…

Answered: FIFO and LIFO costs under perpetual…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 30 units at $43 Sale 21 units at $65 First purchase. 16 units at $46 Sale 13 units at $65 Second purchase 20 units at $47 Sale 17 units at $67 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 ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO?
The following lots of Commodity Z were available for sale during the year. Line Item Description Units and Cost Beginning inventory 7 units at $47 First purchase 15 units at $53 Second purchase 25 units at $24 Third purchase 15 units at $58 The firm uses the periodic inventory system, and there are 24 units of the commodity on hand at the end of the year. What is the ending inventory balance of Commodity Z using the weighted average cost method? Do not round intermediate
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 30 units at $48 Sale 22 units at $74 First purchase 23 units at $51 Sale 14 units at $76 Second purchase 30 units at $52 Sale 24 units at $77 The firm uses the perpetual inventory system, and there are 23 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?
The following lots of a Commodity P were available for sale during the year. Beginning inventory 5 units at $61 First purchase 15 units at $63 Second purchase 10 units at $74 Third purchase 10 units at $77 The firm uses the periodic system, and there are 20 units of the commodity on hand at the end of the year. What is the year-end inventory balance using the LIFO method? a.$1,380 b.$1,375 c.$1,250 d.$1,510
The following lots of Commodity Z were available for sale during the year. Beginning inventory 9 units at $50 First purchase 18 units at $53 Second purchase 55 units at $56 Third purchase 14 units at $61 The firm uses the periodic system, and there are 25 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method?
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 34 units at $48 Sale 31 units at $70 First purchase 39 units at $50 Sale 31 units at $71 Second purchase 16 units at $52 Sale 11 units at $73 The firm uses the perpetual inventory system, and there are 16 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? $4 b. What is the total cost of the ending inventory according to LIFO? $
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 35 units at $46 Sale 30 units at $67 First purchase 33 units at $47 Sale 30 units at $67 Second purchase 28 units at $49 Sale 22 units at $67 The firm uses the perpetual inventory system, and there are 14 units of the item on hand at the end of the yea 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?
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 24 units at $42 7 units at $65 Sale First purchase 32 units at $45 Sale 31 units at $66 Second purchase 25 units at $48 20 units at $66 Sale The firm uses the perpetual inventory system, and there are 23 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? 1,104 V b. What is the total cost of the ending inventory according to LIFO? X
What is ending inventory and cost of goods sold under FIFO, LIFO and average cost under the perpetual inventory system. Show your work. The units of an item available for sale during the year were as follows: January 10 January 15 Inventory Sold 27 units @ $90 20 units February 27 March 1 Purchase Sold 54 units @ $98 35 units July 11 July 15 Purchase Sold 63 units @ $106 75 units November 13 Purchase 36 units @ $115
The following units of inventory item is available for sale durning the year : beginnig inventory 10 units at $55 first purchase 25 units at $60 second purchase 30 units at $65 third purchase 15 units at $70 the firm uses the periodic inventory system. Durning the year 60 units of items were sold the value of ending inventory using lifo is
The following lots of Commodity Z were available for sale during the year. Beginning inventory 11 units at $47 First purchase 19 units at $52 Second purchase 50 units at $56 Third purchase 17 units at $60 The firm uses the periodic system, and there are 28 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method? a.$5,325 b.$1,316 c.$1,401 d.$1,636
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 22 units at $45 15 units at $63 26 units at $48 Sale First purchase Sale Second purchase Sale The firm uses the perpetual inventory system, and there are 16 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? 18 units at $65 16 units at $50 15 units at $67 b. What is the total cost of the ending inventory according to LIFO?

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