FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were avallable...
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FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were avallable for sale during the year: Beginning Inventory 44 units at $42 Sale 31 units at $65 First purchase 16 units at $43 Sale 10 units at $65 Second purchase 10 units at $45 Sale 12 units at $66 The firm uses the perpetual Inventory system, and there are 17 units of the item on hand at the end of e year, a. What is the total cost of the ending inventory according to FIFO? 765 X b. What is the total cost of the ending inventory according to LIFO? 894 X FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were avallable for sale during the year: Beginning Inventory 44 units at $42 Sale 31 units at $65 First purchase 16 units at $43 Sale 10 units at $65 Second purchase 10 units at $45 Sale 12 units at $66 The firm uses the perpetual Inventory system, and there are 17 units of the item on hand at the end of e year, a. What is the total cost of the ending inventory according to FIFO? 765 X b. What is the total cost of the ending inventory according to LIFO? 894 X
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Related Book For
Financial and Managerial Accounting
ISBN: 978-1337119207
14th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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