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$

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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:
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$
Transcribed Image Text: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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