Please do not give solution in image format thanku FIFO and LIFO Costs Under Perpetual Inventory SystemThe following units of an item were available for sale during the year:Beginning inventory43,000 units @ $42Sale9,859 units @ $67First purchase24,000 units @ $4338,238 units @ $69Sale12,000 units @ $4422,535 units @ $71The 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 purchaseSaleb. What is the total cost of the ending inventory according to LIFO?

Name: Please do not give solution in image format thanku FIFO and LIFO Costs
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Description: Please do not give solution in image format thanku FIFO and LIFO Costs Under Perpetual Inventory SystemThe following units of an item were available for sale during the year:Beginning inventory43,000 units @ $42Sale9,859 units @ $67First purchase24,0

Lets understand the basics. In First in First out (FIFO) method entity assumes that, goods purchased…

Business

Accounting

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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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