The following units of an item were available for sale during the year: Beginning inventory 45 units at $44 Sale 25 units at $68 First purchase 40 units at $46 Sale 48 units at $69 Second purchase 29 units at $48 Sale 6 units at $71 The firm uses the perpetual inventory system, and there are 35 units of the item on hand at the end of the year. a.  What is the total cost of the ending inventory according to FIFO?$ b.  What is the total cost of the ending inventory according to LIFO?$

Cornerstones of Financial Accounting
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Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 6MCQ: Refer to the information for Morgan Inc. above. If Morgan uses a perpetual inventory system, what is...
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The following units of an item were available for sale during the year:

Beginning inventory 45 units at $44
Sale 25 units at $68
First purchase 40 units at $46
Sale 48 units at $69
Second purchase 29 units at $48
Sale 6 units at $71

The firm uses the perpetual inventory system, and there are 35 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?
$

b.  What is the total cost of the ending inventory according to LIFO?
$

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