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FIFO, LIFO Costs Under Perpetual Inventory System

The following units of a particular item were available for sale during the year:

Beginning inventory 28 units @ $50
Sale 24 units @ $75
First purchase 25 units @ $53
Sale 7 units @ $77
Second purchase 13 units @ $56
Sale 12 units @ $77

The firm uses the perpetual inventory system, and there are 23 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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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9407246

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