The following units of an item were available for sale during the year: Beginning inventory ........................ 7,200

Question:

The following units of an item were available for sale during the year:
Beginning inventory ........................ 7,200 units at $160
Sale ............................................ 4,800 units at $300
First purchase .............................. 16,000 units at $168
Sale ........................................... 12,000 units at $300
Second purchase ........................... 15,000 units at $176
Sale 11,000 units at ............................................ $300
The firm uses the perpetual inventory system, and there are 10,400 units of the item on hand at the end of the year. What is the total cost of the 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 =...