FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 41 units at $48 Sale 37 units at $67 First purchase 16 units at $49 Sale 15 units at $67 Second purchase 14 units at $52 Sale 12 units at $68 The firm uses the perpetual inventory system, and there are 7 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? $fill in the blank 1 b. What is the total cost of the ending inventory according to LIFO? $fill 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 41 units at $48 Sale 37 units at $67 First purchase 16 units at $49 Sale 15 units at $67 Second purchase 14 units at $52 Sale 12 units at $68 The firm uses the perpetual inventory system, and there are 7 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? $fill in the blank 1 b. What is the total cost of the ending inventory according to LIFO? $fill 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 | 41 units at $48 |
Sale | 37 units at $67 |
First purchase | 16 units at $49 |
Sale | 15 units at $67 |
Second purchase | 14 units at $52 |
Sale | 12 units at $68 |
The firm uses the perpetual inventory system, and there are 7 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?
$fill in the blank 1
b. What is the total cost of the ending inventory according to LIFO?
$fill in the blank 2
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