FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory Sale First purchase Sale Second purchase Sale 20,000 units $41 2,444 units $64 35,000 units $43 33,089 units $66 29,000 units @ $44 26,083 units $67 The firm uses the perpetual inventory system, and there are 22,384 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 Sale First purchase Sale Second purchase Sale 20,000 units $41 2,444 units $64 35,000 units $43 33,089 units $66 29,000 units @ $44 26,083 units $67 The firm uses the perpetual inventory system, and there are 22,384 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 inventorySaleFirst purchaseSaleSecond purchaseSale20,000 units $412,444 units $6435,000 units $4333,089 units $6629,

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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A and b please