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 inventory21,000 units @ $49SaleFirst purchase15,698 units @ $6928,000 units @ $5015,599 units @ $70Sale30,000 units @ $5225,085 units @ $71Second purchaseSaleThe firm uses the perpetual inventory system, and there are 22,618 units of theitem 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?

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 inventory21,000 units @ $49SaleFirst purchase15,698 units @ $6928,

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 21,000 units @ $49 Sale 15,698 units © $69 28,000 units @ $50 First purchase Sale 15,599 units @ $70 30,000 units@ $52 25,085 units @ $71 Second purchase Sale

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 21,000 units @ $49 Sale 15,698 units © $69 28,000 units @ $50 First purchase Sale 15,599 units @ $70 30,000 units@ $52 25,085 units @ $71 Second purchase Sale

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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