FIFO and LIFO costs under perpetual inventory systemThe following units of an item were available for sale during the year:Beginning inventory33 units at $45Sale28 units at $63First purchase15 units at $48Sale6 units at $6426 units at $5124 units at $64The firm uses the perpetual inventory system, and there are 16 units of the item on hand at the end of the year.Second purchaseSalea. What is the total cost of the ending inventory according to FIFO?$b. What is the total cost of the ending inventory according to LIFO?

A perpetual inventory system is a method of tracking and recording inventory transactions in…

FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 33 units at $45 Sale 28 units at $63 First purchase 15 units at $48 Sale 6 units at $64 Second purchase 26 units at $51 Sale 24 units at $64 The firm uses the perpetual inventory system, and there are 16 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?

FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year: Beginning inventory 33 units at $45 Sale 28 units at $63 First purchase 15 units at $48 Sale 6 units at $64 Second purchase 26 units at $51 Sale 24 units at $64 The firm uses the perpetual inventory system, and there are 16 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?

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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