FIFO and LIFO costs under perpetual inventory systemThe following units of an item were available for sale during the year:Beginning inventory23 units at $47Sale19 units at $68First purchase38 units at $49Sale36 units at $70Second purchase14 units at $5012 units at $70SaleThe firm uses the perpetual inventory system, and there are 8 units of the item on hand at the end of the year.a. What is the total cost of the ending inventory according to FIFO?$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 inventory23 units at $47Sale19 units at $68First purchase38 units at $49Sale36 units at $70Second purchase14 units a

Perpetual Inventory System is a method of costing the ending inventory and the inventory sold. Under…

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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 23 units at $47 Sale 19 units at $68 First purchase 38 units at $49 Sale 36 units at $70 Second purchase 14 units at $50 Sale 12 units at $70 The firm uses the perpetual inventory system, and there are 8 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 23 units at $47 Sale 19 units at $68 First purchase 38 units at $49 Sale 36 units at $70 Second purchase 14 units at $50 Sale 12 units at $70 The firm uses the perpetual inventory system, and there are 8 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? $

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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