9 FIFO and LIFO Costs Under Perpetual Inventory SystemThe following units of an item were available for sale during the year:Beginning inventory25 units at $4620 units at $6426 units at $4720 units at $6617 units at $4913 units at $68SaleFirst purchaseSaleSecond purchaseSaleThe firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year.a. What is the total cost of the ending inventory according to FIFO?$b. What is the total cost of the ending inventory according to LIFO?5

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The inventory valuation methods are categorized as FIFO, LIFO and weighted average method.FIFO…

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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 25 units at $46 20 units at $64 26 units at $47 20 units at $66 17 units at $49 13 units at $68 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? Sale First purchase Sale Second purchase Sale 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 25 units at $46 20 units at $64 26 units at $47 20 units at $66 17 units at $49 13 units at $68 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? Sale First purchase Sale Second purchase Sale b. What is the total cost of the ending inventory according to LIFO?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 8EA: Calculate the cost of goods sold dollar value for A65 Company for the month, considering the...

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