Question: not sure how im doing this wrong FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 38 units at $43 Sale 33 units at $69 First purchase 22 units at $45 Sale 17 units at $71 Second purchase 10 units at $48 Sale 7 units at $73 The firm uses the perpetual inventory system, and there are 13 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? 624 X b. What is the total cost of the ending inventory according to LIFO? 494 X
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