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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 43,000 units @ $42 Sale 9,859 units @ $67 First purchase 24,000 units @ $43 Sale 38,238 units @ $69 Second purchase 12,000 units @ $44 Sale 22,535 units @ $71

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 43,000 units @ $42 Sale 9,859 units @ $67 First purchase 24,000 units @ $43 Sale 38,238 units @ $69 Second purchase 12,000 units @ $44 Sale 22,535 units @ $71

FINANCIAL ACCOUNTING
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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FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 43,000 units @ $42 Sale 9,859 units @ $67 First purchase 24,000 units @ $43 38,238 units @ $69 Sale 12,000 units @ $44 22,535 units @ $71 The firm uses the perpetual inventory system, and there are 8,368 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 b. What is the total cost of the ending inventory according to LIFO?
Transcribed Image Text:FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 43,000 units @ $42 Sale 9,859 units @ $67 First purchase 24,000 units @ $43 38,238 units @ $69 Sale 12,000 units @ $44 22,535 units @ $71 The firm uses the perpetual inventory system, and there are 8,368 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 b. What is the total cost of the ending inventory according to LIFO?
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