Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following units of a particular item were avai

The following units of a particular item were available for sale during the year: BEGINNING...

50.1K

Verified Solution

Question

Accounting

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

BEGINNING INVENTORY 36 UNITS AT 400$

SALE 24 UNITS AT 1000$

FIRST PURCHASE 80 UNITS AT 420$

SALE 60 UNITS AT 1000$

SECOND PURCHASE 75 UNITS AT 440$

SALE 55 UNITS AT 1000$

The firm uses the perpetual inventory system, and there are 52 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

Basic Math
1.2K views

In a random sample of 39 criminals convicted of a certain​ crime, it was determined that...

Chemistry
1.2K views

A sample of carbonic acid (0.125 L, 0.199 M, pKa1 = 6.35, pKa2 = 10.33) was...

Medical Sciences
1.2K views

Which of the following blood cell types is paired with its correct function? a. red blood cells (erythrocytes)...

Physics
1.2K views

Two tram cars are kept at 4 km and 9 km radially from a distribution...

Basic Math
1.2K views

In the U S adult population the distribution of BMI values body mass index are...

Basic Math
1.2K views

12 22 sure your grapn snows all intercepts and exnidits proper end behavior Then enter...

Algebra
1.2K views

Use the graph of y f x to answer the following V K 6 5...

Accounting
1.2K views

what accounts are used for this: Rented a backhoe to Jagne Landscaping at a price...

Accounting
1.2K views

Chapter 26, Problem 1CPP on Chegg study workbook solutions for Horngren's Managerial Accounting (12th Edition)...

Accounting
1.2K views

Beale Management has a noncontributory, defined benefit pension plan. On December 31,2024(the end of Beale's...

Accounting
1.2K views

Amazonia Inc. made a $100,000 distribution this year to its sole shareholder, Ellie. Ellie has...

Accounting
1.2K views

Birch Company normally produces and sells 43,000 units of RG-6 each month. The selling price...