FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 32 units at $46 Sale 29 units at $69 First purchase 20 units at $47 Sale 15 units at $70 Second purchase 24 units at $50 Sale 13 units at $72 The firm uses the perpetual inventory system, and there are 19 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? Sfill in the blank 1 b. What is the total cost of the ending inventory according to LIFO? Sfill in the blank 2
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 32 units at $46 Sale 29 units at $69 First purchase 20 units at $47 Sale 15 units at $70 Second purchase 24 units at $50 Sale 13 units at $72 The firm uses the perpetual inventory system, and there are 19 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? Sfill in the blank 1 b. What is the total cost of the ending inventory according to LIFO? Sfill in the blank 2
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter7: Inventories: Cost Measurement And Flow Assumptions
Section: Chapter Questions
Problem 12RE: Carla Company uses the perpetual inventory system. The following information is 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 32 units at $46 Sale 29 units at $69 First purchase 20 units at $47 Sale 15 units at $70 Second purchase 24 units at $50 Sale 13 units at $72 The firm uses the perpetual inventory system, and there are 19 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? Sfill in the blank 1 b. What is the total cost of the ending inventory according to LIFO? Sfill in the blank 2
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