FIFO and LIFO costs under perpetual inventory systemThe following units of an item were available for sale during the year:Beginning inventory23 units at $46Sale16 units at $71First purchase16 units at $47Sale11 units at $72Second purchase21 units at $49Sale19 units at $72The firm uses the perpetual inventory system, and there are 14 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?1,170 Xb. What is the total cost of the ending inventory according to LIFO?981 X

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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 inventory23 units at $46Sale16 units at $71First purchase16 units at $47Sale11 units at $72Second purchase21 units a

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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 23 units at $46 Sale 16 units at $71 First purchase Sale Second purchase Sale The firm uses the perpetual inventory system, and there are 14 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? 1,170 X 16 units at $47 11 units at $72 21 units at $49 19 units at $72 b. What is the total cost of the ending inventory according to LIFO? 981 X

FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 23 units at $46 Sale 16 units at $71 First purchase Sale Second purchase Sale The firm uses the perpetual inventory system, and there are 14 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? 1,170 X 16 units at $47 11 units at $72 21 units at $49 19 units at $72 b. What is the total cost of the ending inventory according to LIFO? 981 X

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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