FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available...
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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 $46 Sale 11 units at $69 First purchase 28 units at $49 Sale 20 units at $69 Second purchase 30 units at $51 Sale 26 units at $70 The firm uses the perpetual inventory system, and there are 23 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 $46 Sale 11 units at $69 First purchase 28 units at $49 Sale 20 units at $69 Second purchase 30 units at $51 Sale 26 units at $70 The firm uses the perpetual inventory system, and there are 23 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?
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Answer rating: 100% (QA)
Answer 1173 1102 Total goods available for sale 3914 Un... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-1337119207
14th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Posted Date:
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