A and b please FIFO and LIFO costs under perpetual inventory systemThe following units of an item were available for sale during the year:Beginning inventory48 units at $45Sale43 units at $63First purchase34 units at $48Sale23 units at $6330 units at $5128 units at $65Second purchaseSaleThe firm uses the perpetual inventory system, and there are 18 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?

Name: A and b please FIFO and LIFO costs under perpetual inventory systemThe
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: A and b please FIFO and LIFO costs under perpetual inventory systemThe following units of an item were available for sale during the year:Beginning inventory48 units at $45Sale43 units at $63First purchase34 units at $48Sale23 units at $6330 units at

Business

Accounting

FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 48 units at $45 Sale 43 units at $63 First purchase 34 units at $48 Sale 23 units at $63 Second purchase 30 units at $51 Sale 28 units at $65 The firm uses the perpetual inventory system, and there are 18 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 48 units at $45 Sale 43 units at $63 First purchase 34 units at $48 Sale 23 units at $63 Second purchase 30 units at $51 Sale 28 units at $65 The firm uses the perpetual inventory system, and there are 18 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

See similar textbooks

Similar questions

Select one:a.(iii) and (iv) onlyb.(ii) and (iii) onlyc.(i) and (ii) onlyd.All four
Concept of Reconcilation statement with an example .
A, B, C
WP Corporation produces products X, Y, and Z from a single raw material input in a joint production process. Budgeted data for the next month is as follows: A) B) Product X yes yes no no Units produced Per unit sales value at split-off Added processing costs per unit Per unit sales value if processed further The cost of the joint raw material input is $90,000. Which of the products should be processed beyond the split-off point? Product Y yes no yes yes Product X 2,700 $ 25.00 $ 2.00 $31.00 Product Z no yes no yes Product Y 3,200 $ 28.00 $ 4.00 $31.00 Product Z 4,200 $ 27.00 $4.00 $36.00
Answer each of the following independent question: a and b
Pls solve all Questions , Dont Disclaimer
What do the letter FIFO Stand for?
Zina Manufacturing Company started and completed Job 501 in December with the following Job Cost Sheet and transferred it to the warehouse. Direct Materials Date Dec 17 Dec 30 Total Direct Labor Amount Date Amount $2,000 Dec 20 $4,000 8,000 Dec 30 3,800 Total Job Cost Sheet - Job No. 501 Total Cost The journal entry to record the transaction is A) WIP Inventory FG Inventory B) Cost of Goods Sold WIP Inventory C) FG Inventory WIP Inventory D) FG Inventory WIP Inventory Debit Credit 35,800 17,800 17,800 Manufacturing Overhead Date Amount Dec 24 $10,000 Dec 30 8,000 Total 35,800 35,800 17,800 17,800 35,800
Any update on D,E,F