The following units of an item were available for sale during the year: Beginning inventory 27 units at $47 Sale 21 units at $68 First purchase 29 units at $48 Sale 26 units at $68 Second purchase 30 units at $49 Sale 10 units at $69 The firm uses the perpetual inventory system, and there are 29 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?

The following units of an item were available for sale during the year: Beginning inventory 27 units at $47 Sale 21 units at $68 First purchase 29 units at $48 Sale 26 units at $68 Second purchase 30 units at $49 Sale 10 units at $69 The firm uses the perpetual inventory system, and there are 29 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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