FIFO and LIFO costs under perpetual Inventory system The following units of an item were available for sale during the year: Line Item Description Units and Cost Beginning Inventory 40 units at $50 37 units at $73 24 units at $51 9 units at $75 28 units at $53 27 units at $77 Sale First purchase Sale Second purchase Sale The firm uses the perpetual inventory system, and there are 19 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? fill in the blank 1 of 2$ b. What is the total cost of the ending inventory according to LIFO? fill in the blank 2 of 2$

FIFO and LIFO costs under perpetual Inventory system The following units of an item were available for sale during the year: Line Item Description Units and Cost Beginning Inventory 40 units at $50 37 units at $73 24 units at $51 9 units at $75 28 units at $53 27 units at $77 Sale First purchase Sale Second purchase Sale The firm uses the perpetual inventory system, and there are 19 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? fill in the blank 1 of 2$ b. What is the total cost of the ending inventory according to LIFO? fill in the blank 2 of 2$

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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:Line Item Description Units and CostBeginning Inventory 40 units at $5037 units at $7324 units at $519 units at $7528 units at

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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