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

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Accounting

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FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: The firm uses the perpetual inventory system, and there are 24,194 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? Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: There are 8 units of the item in the physical inventory at December 31 . The periodic inventory system is used. a. Determine the inventory cost by the first-in, first-out method. b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method. Round average unit cost to the nearest cent a final answers to the nearest whole dollar, if required

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