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...

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

Extracted text: 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?

Jun 09, 2022

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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 28 units at $49 Sale 23 units at $78 First purchase 32...

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