The following units of an item were available for sale during the year: Beginning inventory...................................................8,100 units at

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The following units of an item were available for sale during the year:

Beginning inventory...................................................8,100 units at $180

Sale...............................................................................5,300 units at $300

First purchase..............................................................15,000 units at $185

Sale................................................................................13,000 units at $300

Second purchase.........................................................16,000 units at $192

Sale................................................................................14,000 units at $300

The firm uses the perpetual inventory system, and there are 6,800 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to

(a) FIFO and

(b) LIFO?

Ending Inventory
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...

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Related Book For answer-question

Forensic And Investigative Accounting

ISBN: 9780808056300

10th Edition

Authors: G. Stevenson Smith D. Larry Crumbley, Edmund D. Fenton

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Question Posted: Aug 06, 2019 08:54 AM

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The following units of an item were available for sale during the year: Beginning inventory...................................................8,100 units at

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Forensic And Investigative Accounting

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