Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 380 chapter 7 inventories obj. 2,3 ex 7-7 fifo and

380 Chapter 7 Inventories OBJ. 2,3 EX 7-7 FIFO and LIFO costs under perpetual inventory...

50.1K

Verified Solution

Question

Accounting

image
380 Chapter 7 Inventories OBJ. 2,3 EX 7-7 FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale during the year vb. $763,200 Beginning inventory Sale First purchase Sale Second purchase Sale 21,600 units at $20.00 14,400 units at $40.00 48,000 units at $25.20 36,000 units at $40.00 45,000 units at $26.40 33,000 units at $40.00 The firm uses the perpetual inventory system, and there are 31,200 units hand at the end of the year. What is the total (a) FIFO, (b) LIFO? of the item on cost of the ending inventory according to

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Below are the transactions and adjustments that occurredduring the first year of operations at...

Operations Management
1.2K views

Using lyrics from a Taylor Swift song, identify 3 self leadership concepts we have studied this...

Programming
1.2K views

Explain the role of slow start and congestion avoidance in TCP.

Basic Math
1.2K views

Explore the Subtracting Blocks eManipulative and then investigate this problem The picture below represents the...

Calculus
1.2K views

In this problem you will calculate the area between f x 3r and the z...

Accounting
1.2K views

Lavage Rapide is a Canadian company that owns...

Accounting
1.2K views

On February 2, 2000 (a leap year), Karl Kruger borrowed $4280 at 9%. the loan...

Accounting
1.2K views

Which of the following costs are variable? Cost 1,000 Units 3,000 Units M 1. 2....

Accounting
1.2K views

Chrom Company manufactures two models, the XL and RD. It also has two departments, Assembly...

Accounting
1.2K views

OC signed a contract to provide office cleaning services for an entity for a period...

Accounting
1.2K views

Department G had 2,040 units 25% completed at the beginning of the period, 14,000 units...

Accounting
1.2K views

Some of the values from a new ventures financial statement are shown below ) Sales...