FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 28 units at $49 Sale 23 units at $78 First purchase 32 units at $50 Sale 28 units at $78 Second purchase 24 units at $51 Sale 23 units at $78 The firm uses the perpetual inventory system, and there are 10 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? х b. What is the total cost of the ending inventory according to LIFO?

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 28 units at $49 Sale 23 units at $78 First purchase 32 units at $50 Sale 28 units at $78 Second purchase 24 units at $51 Sale 23 units at $78 The firm uses the perpetual inventory system, and there are 10 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? х b. What is the total cost of the ending inventory according to LIFO?

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Inventories

Section: Chapter Questions

Problem 6.3BE: Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as...

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