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

FIFO and LIFO Costs Under Perpetual Inventory SystemThe following units of an item were available...

80.2K

Verified Solution

Question

Basic Math

image

FIFO and LIFO Costs Under Perpetual Inventory SystemThe following units of an item were available for sale during the year:Beginning inventory 39 units at $46Sale 22 units at $69First purchase 18 units at $48Sale 17 units at $70Second purchase 25 units at $50Sale 18 units at $71The firm uses the perpetual inventory system, and there are 25 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

Physics
1.2K views

1.Suppose you pour exactly 15ml of water into a 21.0cm tall cylinder that is 2.80cm in...

Accounting
1.2K views

Identify the differences between service and merchandising companies.

Physics
1.2K views

Two spherical conductors A and A of radii r and r r r are placed...

Basic Math
1.2K views

The volume V of a liquid in a spherical tank of radius related to the...

Basic Math
1.2K views

The length of time Joe takes to get to work varies inversely as the speed...

Calculus
1.2K views

Martin wants to ship a souvenir baseball bat that is 16 inches long in this...

Accounting
1.2K views

Concord Company purchased a new machine on October...

Accounting
1.2K views

Exercise 10-4A (Algo) Financial statement effects of an installment note LO 10-1 A partial amortization...

Accounting
1.2K views

An example of a current asset is: buildings inventories equipment land

Accounting
1.2K views

iows the following balances at December 31 : Additional information regarding 2021. 1. Netincome was...

Accounting
1.2K views

The Supplies asset account began the year with a balance of $190. During the year,...

Accounting
1.2K views

I am finding difficulty in understanding indirect method of cash flow from operations. P,