Question

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

FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory 8,100 units at $180
Sale 5,300 units at $300
First purchase 15,000 units at $185
Sale 13,000 units at $300
Second purchase 16,000 units at $192
Sale 14,000 units at $300

The firm uses the perpetual inventory system, and there are 6,800 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?

Solutions

Expert Solution

Answer:

Ending Inventory FIFO : $1305600

Ending Inventory LIFO : $1258000

Explanation:

ekkarill92 answered 2 years ago
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