FIFO and LIFO costs under perpetual inventory system The following units of an item were available...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 22 units at $40 Sale 7 units at $58 First purchase 33 units at $41 Sale 29 units at $58 Second purchase 25 units at $42 Sale 23 units at $58 The firm uses the perpetual inventory system, and there are 21 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 22 units at $40 Sale 7 units at $58 First purchase 33 units at $41 Sale 29 units at $58 Second purchase 25 units at $42 Sale 23 units at $58 The firm uses the perpetual inventory system, and there are 21 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?
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Ira Icandoit is a staff auditor in the internal audit function of a small manufacturing company located in western Kansas. Ira recently completed a professional development course on a statistical...
-
Patriot Corporations statement of cash flows shows cash flow from operations of $322,000. The following items also appear on Patriots balance sheet and income statement: Depreciation expense . . . ....
-
A subset S of a linear space is a convex cone if and only if x + y S for every x, y S and x, +
-
England, Inc., had the following payroll for March: Required Prepare journal entries on March 31 to record: a. Accrual of the monthly payroll. b. Payment of the net payroll. c. Accrual of employer's...
-
Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2019, the end of the current year, the accountant for Good Note prepared the...
-
if the agencies cannot cite companies for violating widely accepted guidance documents, then why did they create them?
-
The SarbanesOxley Act of 2002 created the Public Company Accounting Oversight Board (PCAOB) to oversee the work of public accounting firms performing financial statement audits for public filers,...
-
Bramble Corp, applies overhead on the basis of machine hours. Given the following data, what is the amount of overhead applied and the amount by which it is under- or overapplied for the period?...
-
A major retailer promises 2 day shipping for certain online orders. A consumer advocacy group believes that the shipping times are longer at a significance level of 0.05, and checks a randomly chosen...
-
"Measuring Exposure to Exchange Rate Fluctuations, "Managing Transaction Exposure, "Managing Economic Exposure and Translation Exposure." Instructions: Factors That Affect a Firm's Transaction...
-
Q: find the values of a, b, c so that M is the inverse of L. 0 0 25 S 1 -3 2 0 M= 9 b find the values 5. M that the inverse a, b, c JL. Given L=
-
A Corporation issues 1 0 , 0 0 0 shares of $ 1 0 par value common stock for $ 1 5 0 , 0 0 0 . Prepare the journal entry to record the issuance of this stock.
-
Lets imagine an energy company that leases equipment and large asset bases? Lets list the different standard(s) and relevant paragraphs that different financial leases to operating leases? Please...
-
Solve for the equilibria of the following discrete-time dynamical systems Pr pt+1 = Pr+2.0(I-Pr)
-
List six examples of manufacturing overhead costs.
-
Which of the following is not an element of manufacturing overhead? a. Factory office salaries b. Plant manager's salary c. Product inspector's salary d. Company president's salary
-
A manufacturer incurred \($20,000\) of direct material, \($10,000\) of direct labor, and \($15,000\) of manufacturing overhead during 2019. Beginning work-in-process inventory was \($8,000\). If cost...
Study smarter with the SolutionInn App