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	49 units at $40
Sale	46 units at $60
First purchase	37 units at $41
Sale	35 units at $61
Second purchase	17 units at $43
Sale	11 units at $62

The firm uses the perpetual inventory system, and there are 11 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?

Expert Solution

Calculation of FIFO and LIFO Costs Under Perpetual Inventory System

a.

Calculation of Total cost of Ending Inventory according to FIFO MethodMethod

b.

Calculation of Total cost of the Ending Inventory according to LIFO Method

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ekkarill92 answered 1 year ago

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

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