FIFO and LIFO Costs Under Perpetual Inventory SystemThe following units of an item were available for sale during the year:Beginning inventory28 units at $49Sale23 units at $78First purchase32 units at $50Sale28 units at $78Second purchase24 units at $51Sale23 units at $78The firm uses the perpetual inventory system, and there are 10 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?хb. What is the total cost of the ending inventory according to LIFO?

a. FIFO Method means First in First Out. Those inventories which are purchased first those should be…

Answered: FIFO and LIFO Costs Under Perpetual…

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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FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 34 units at $48 Sale 31 units at $70 First purchase 39 units at $50 Sale 31 units at $71 Second purchase 16 units at $52 Sale 11 units at $73 The firm uses the perpetual inventory system, and there are 16 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? $4 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 35 units at $46 Sale 30 units at $67 First purchase 33 units at $47 Sale 30 units at $67 Second purchase 28 units at $49 Sale 22 units at $67 The firm uses the perpetual inventory system, and there are 14 units of the item on hand at the end of the yea 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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