FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year Beginning inventory 20,000 units $48 Sale 15,952 units $74 First purchase 29,000 units $51 Sale 16,367 units $76 Second purchase 25,000 units $53 Sale 18,618 units $78 The fir...

a Under the FIFO method of inventory valuation cost of g ...

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for

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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	20,000 units @ $48
Sale	15,952 units @ $74
First purchase	29,000 units @ $51
Sale	16,367 units @ $76
Second purchase	25,000 units @ $53
Sale	18,618 units @ $78

The firm uses the perpetual inventory system, and there are 23,063 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?
$fill in the blank 1

b. What is the total cost of the ending inventory according to LIFO?
$fill in the blank 2

Related Book For answer-question

Financial and Managerial Accounting

ISBN: 978-1337119207

14th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

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Posted Date: May 25, 2022 03:14 AM

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FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for

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