The firm uses the perpetual inventory system and there are, Ask an Expert

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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 @ $41
Sale 12 units @ $62
First purchase 17 units @ $43
Sale 9 units @ $63
Second purchase 17 units @ $45
Sale 7 units @ $63

The firm uses the perpetual inventory system, and there are 34 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.:- M9431154

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