FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 31 units at $43 Sale 27 units at $69 First purchase 30 units at $46 Sale 28 units at $70 Second purchase 26 units at $49 Sale 19 units at $71 The firm uses the perpetual inventory system, and there are 13 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? b. What is the total cost of the ending inventory according to LIFO?

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 31 units at $43 Sale 27 units at $69 First purchase 30 units at $46 Sale 28 units at $70 Second purchase 26 units at $49 Sale 19 units at $71 The firm uses the perpetual inventory system, and there are 13 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? b. What is the total cost of the ending inventory according to LIFO?

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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:Beginning inventory31 units at $43Sale27 units at $69First purchase30 units at $46Sale28 units at $70Second purchase26 units a

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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