FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Line Item Description Units and Cost Beginning inventory 29 units at $50 Sale 22 units at $70 First purchase 19 units at $51 Sale 17 units at $70 Second purchase 17 units at $54 Sale 12 units at $72 The firm uses the perpetual inventory system, and there are 14 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO?fill in the blank 1 of 2$ 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: Line Item Description Units and Cost Beginning inventory 29 units at $50 Sale 22 units at $70 First purchase 19 units at $51 Sale 17 units at $70 Second purchase 17 units at $54 Sale 12 units at $72 The firm uses the perpetual inventory system, and there are 14 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO?fill in the blank 1 of 2$ b. What is the total cost of the ending inventory according to LIFO?
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:
| Line Item Description | Units and Cost |
|---|---|
| Beginning inventory | 29 units at $50 |
| Sale | 22 units at $70 |
| First purchase | 19 units at $51 |
| Sale | 17 units at $70 |
| Second purchase | 17 units at $54 |
| Sale | 12 units at $72 |
The firm uses the perpetual inventory system, and there are 14 units of the item on hand at the end of the year.
a. What is the total cost of the ending inventory according to FIFO?
fill in the blank 1 of 2$
b. What is the total cost of the ending inventory according to LIFO?
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