Question

The following units of a particular item were available for sale during the year:
Beginning inventory ........ 36 units at $400
Sale ................ 24 units at $1,000
First purchase ............ 80 units at $420
Sale ............... 60 units at $1,000
Second purchase .......... 75 units at $440
Sale ............... 55 units at $1,000
The firm uses the perpetual inventory system, and there are 52 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,
(b) LIFO?



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  • CreatedFebruary 28, 2014
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