The following units of an item were available for sale during the year: Beginning inventory 36,000 units @ $50 3,919 units @ $73 33,000 units @ $53 39,844 units @ $73 20,000 units @ $56 43,454 units @ $75 The firm uses the perpetual inventory system, and there are 1,783 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? L Check My Work O All work saved. hp

The following units of an item were available for sale during the year: Beginning inventory 36,000 units @ $50 3,919 units @ $73 33,000 units @ $53 39,844 units @ $73 20,000 units @ $56 43,454 units @ $75 The firm uses the perpetual inventory system, and there are 1,783 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? L Check My Work O All work saved. hp

Name: A & B ? FIFO and LIFO Costs Under Perpetual Inventory SystemThe follow
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Description: A & B ? FIFO and LIFO Costs Under Perpetual Inventory SystemThe following units of an item were available for sale during the year:Beginning inventory36,000 units @ $50Sale3,919 units @ $73First purchase33,000 units @ $53Sale39,844 units @ $73Second

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 10EA: Calculate the cost of goods sold dollar value for A67 Company for the month, considering the...

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.

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A & B ?

FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
Beginning inventory
36,000 units @ $50
Sale
3,919 units @ $73
First purchase
33,000 units @ $53
Sale
39,844 units @ $73
Second purchase
20,000 units @ $56
43,454 units @ $75
The firm uses the perpetual inventory system, and there are 1,783 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
b. What is the total cost of the ending inventory according to LIFO?
h
Check My Work
All work saved.
hp

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