FIFO and LIFO Costs Under Perpetual Inventory SystemThe following units of an item were available for sale during the year:Beginning inventory49 units at $4045 units at $6216 units at $4213 units at $6330 units at $4415 units at $65SaleFirst purchaseSaleSecond purchaseSaleThe firm uses the perpetual inventory system, and there are 22 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?

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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 inventory49 units at $4045 units at $6216 units at $4213 units at $6330 units at $4415 units at $65SaleFirst purchas

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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 49 units at $40 45 units at $62 16 units at $42 13 units at $63 30 units at $44 15 units at $65 The firm uses the perpetual inventory system, and there are 22 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? Sale First purchase Sale Second purchase Sale 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 49 units at $40 45 units at $62 16 units at $42 13 units at $63 30 units at $44 15 units at $65 The firm uses the perpetual inventory system, and there are 22 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? Sale First purchase Sale Second purchase Sale b. What is the total cost of the ending inventory according to LIFO?

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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