FIFO and LIFO Costs Under Perpetual Inventory SystemThe following units of an item were available for sale during the year:Beginning inventory24 units @ $45Sale18 units @ $70First purchase37 units @ $48Sale35 units @ $72Second purchase28 units @ $49Sale11 units @ $74The firm uses the perpetual inventory system, and there are 25 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?%24

FIFO: In First-in-First-Out method, items purchased initially are sold first. So, the value of the…

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 30 units at $48 Sale 22 units at $74 First purchase 23 units at $51 Sale 14 units at $76 Second purchase 30 units at $52 Sale 24 units at $77 The firm uses the perpetual inventory system, and there are 23 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 34 units at $45 Sale 23 units at $68 First purchase 21 units at $46 Sale 18 units at $69 Second purchase 23 units at $48 22 units at $69 Sale The firm uses the perpetual inventory system, and there are 15 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? x 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 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?
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 24 units at $42 7 units at $65 Sale First purchase 32 units at $45 Sale 31 units at $66 Second purchase 25 units at $48 20 units at $66 Sale The firm uses the perpetual inventory system, and there are 23 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? 1,104 V b. What is the total cost of the ending inventory according to LIFO? X
Help me please with both FIFO and LIFO
< FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 20 units at $41 Sale 16 units at $59 First purchase 33 units at $44 Sale 24 units at $61 Second purchase 25 units at $47 Sale 23 units at $62 The firm uses the perpetual ihventory system, and there are 15 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?
9
What is ending inventory and cost of goods sold under FIFO, LIFO and average cost under the perpetual inventory system. Show your work. The units of an item available for sale during the year were as follows: January 10 January 15 Inventory Sold 27 units @ $90 20 units February 27 March 1 Purchase Sold 54 units @ $98 35 units July 11 July 15 Purchase Sold 63 units @ $106 75 units November 13 Purchase 36 units @ $115
The following units of inventory item is available for sale durning the year : beginnig inventory 10 units at $55 first purchase 25 units at $60 second purchase 30 units at $65 third purchase 15 units at $70 the firm uses the periodic inventory system. Durning the year 60 units of items were sold the value of ending inventory using lifo is
The following lots of Commodity Z were available for sale during the year. Beginning inventory 11 units at $47 First purchase 19 units at $52 Second purchase 50 units at $56 Third purchase 17 units at $60 The firm uses the periodic system, and there are 28 units of the commodity on hand at the end of the year. What is the ending inventory balance at the end of the year according to the LIFO method? a.$5,325 b.$1,316 c.$1,401 d.$1,636
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 22 units at $45 15 units at $63 26 units at $48 Sale First purchase Sale Second purchase Sale 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? 18 units at $65 16 units at $50 15 units at $67 b. What is the total cost of the ending inventory according to LIFO?

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