Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. fifo and lifo costs under perpetual inventory syst

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were...

90.2K

Verified Solution

Question

Accounting

FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory 29 units at $49
Sale 9 units at $74
First purchase 37 units at $50
Sale 50 units at $76
Second purchase 18 units at $51
Sale 15 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? $

b. What is the total cost of the ending inventory according to LIFO? $

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

Finance
1.2K views

Bill? (age 42) and Molly Hickok? (age 39), residents of? Anchorage, Alaska, recently told you that...

Physics
1.2K views

A MET office employee, who is standing still, observes a storm coming towards him at 15...

Biology
1.2K views

What is the name of the software that allows users to transfer files between two...

Physics
1.2K views

36 ii Reduces by 36 of its value on the surface of earth Take R...

Basic Math
1.2K views

The most common way for healthcare services to achieve differentiation is through distribution True False

Basic Math
1.2K views

A person invests 3500 dollars in a bank. The bank pays 6.75% interest compounded quarterly....

Statistics
1.2K views

d Determine whether to reject Ho Reject Part 4 5 Part 5 of 5 the...

Statistics
1.2K views

the monthly charges for cell phone plans are normally distributed with mean u deviation a...

Calculus
1.2K views

22 The angle of elevation to the top of a building is found to be...

Accounting
1.2K views

Examine the five (5) steps to managing accounts receivable. Speculate on the step that is...

Accounting
1.2K views

On January 1, 2024, the general ledger of Dynamite Fireworks includes the following account balances:...

Accounting
1.2K views

Various information for Happy Camper Co., which makes sleeping bags, follows: Selling price per bag...