Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following units of an item were available for

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

90.2K

Verified Solution

Question

Accounting

The following units of an item were available for sale during the year: Beginning inventory 20 units @ $44 Sale 12 units @ $68 First purchase 29 units @ $46 Sale 23 units @ $69 Second purchase 23 units @ $49 Sale 15 units @ $70 The firm uses the perpetual inventory system, and there are 22 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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

10. In a recent study on world​ happiness, participants were asked to evaluate their current lives...

Statistics
Q

(Without using library iee. if possible) Develop the text file and simulation for the 74LS194A universal,...

Electrical Engineering
Q

Explain the term Survivorship Bias and how it impacts the evaluation of the investment returns of...

Finance
Q

The Strong Nuclear Force is responsible for...A. Keeping the electrons in orbit around the nucleusB....

Physics
Q

A pole is planted into the ground at a 38? angle. At the end of...

Physics
Q

0 12 N 2 0 21 N Length of a string tied to two rigid...

Physics
Q

Write an equation a in slope intercept form and b in standard form for the...

Geometry
Q

Label the 3 sides of the triangle X 45 20

Basic Math
Q

Sheila works in a bookstore and sold 100 books She sold 28 more paperback books...

Basic Math
Q

Lasson Corp. has 5,000 preferred shares outstanding ($2.00 dividend), which were issued for $150,000, and...

Accounting
Q

BusinessCourse Course Content / Module 6/ Module 6 homework Question 1...

Accounting
Q

Sunland Company has two production departments: Cutting and Assembly. July 1 inventories are Raw Materials...

Accounting