FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 21 units at $40 Sale 15 units at $58 First purchase 25 units at $43 Sale 18 units at $60 Second purchase 17 units at $45 Sale 13 units at $62 The firm uses the perpetual inventory system, and there are 17 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 21 units at $40 Sale 15 units at $58 First purchase 25 units at $43 Sale 18 units at $60 Second purchase 17 units at $45 Sale 13 units at $62 The firm uses the perpetual inventory system, and there are 17 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 inventory21 units at $40Sale15 units at $58First purchase25 units at $43Sale18 units at $60Second purchase17 units a

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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