The following units of an item were available for sale during the year:

Beginning inventory	24 units at $40
Sale	14 units at $64
First purchase	38 units at $42
Sale	33 units at $65
Second purchase	25 units at $44
Sale	23 units at $67

The firm uses the perpetual inventory system, and there are 17units 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?

Answer rating: 100% (QA)

ANSWER A Harods Company has a beginning inventory of 1000 units of product and purchases another 1000 units at 5 each during the first month of an acc... View the full answer