Question: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an Item were available for sale during the year: Beginning inventory 27 units

FIFO and LIFO Costs Under Perpetual Inventory System The following units

of an Item were available for sale during the year: Beginning inventory

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an Item were available for sale during the year: Beginning inventory 27 units at $41 Sale 6 units at $62 First purchase 36 units at $43 Sale 9 units at $62 Second purchase 26 units at $46 Sale 42 units at $62 The firm uses the perpetual inventory system, and there are 32 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? 1,472 x b. What is the total cost of the ending inventory according to LIFO? 2,758 X Feedback

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