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 20 units at $40 Sale 15 units at $62 First purchase 37 units at $43 Sale 22 units at $63 Second purchase 13 units at $46 Sale 25 units at $63 The firm uses the perpetual inventory system, and there are 8 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

a.

	Units	Rate	Amount
Balance from 2nd purchase	8	$ 46	$ 368
Ending inventory FIFO	8		$ 368

b.

	Units	Rate	Amount
Balance from Beginning inventory	5	$ 40	$ 200
Balance from 1st purchase	3	$ 43	$ 129
Ending inventory LIFO	8		$ 329

You can reach me over comment box, if you have any doubts. Please rate this answer

ekkarill92 answered 1 year ago

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 23 units at $44 Sale 8 units at $68 First purchase 23 units at $46 Sale 23 units at $69 Second purchase 11 units at $47 Sale 11 units at $69 The firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year. a. What is...

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 45 units at $42 Sale 42 units at $59 First purchase 27 units at $44 Sale 15 units at $61 Second purchase 24 units at $46 Sale 20 units at $62 The firm uses the perpetual inventory system, and there are 19 units of the item on hand at the end of the year. a. What is...

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 20 units at $48 Sale 17 units at $72 First purchase 18 units at $51 Sale 6 units at $74 Second purchase 28 units at $53 Sale 13 units at $76 The firm uses the perpetual inventory system, and there are 30 units of the item on hand at the end of the year. a. What is...

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 31 units at $42 Sale 24 units at $63 First purchase 39 units at $44 Sale 37 units at $64 Second purchase 28 units at $46 Sale 7 units at $65 The firm uses the perpetual inventory system, and there are 30 units of the item on hand at the end of the year. a. What is...

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...

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 46 units at $41 Sale 32 units at $57 First purchase 40 units at $43 Sale 44 units at $58 Second purchase 16 units at $46 Sale 6 units at $59 The firm uses the perpetual inventory system, and there are 20 units of the item on hand at the end of the year. a. What is...

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 24 units at $46 Sale 12 units at $74 First purchase 26 units at $48 Sale 25 units at $74 Second purchase 14 units at $51 Sale 13 units at $74 The firm uses the perpetual inventory system, and there are 14 units of the item on hand at the end of the year. a. What is...

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 47 units at $44 Sale 16 units at $62 First purchase 24 units at $47 Sale 30 units at $62 Second purchase 19 units at $50 Sale 10 units at $62 The firm uses the perpetual inventory system, and there are 34 units of the item on hand at the end of the year. a. What is...

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 8,000 units at $170 Sale 4,800 units at $300 First purchase 15,200 units at $173 Sale 13,100 units at $300 Second purchase 16,200 units at $181 Sale 14,100 units at $300 The firm uses the perpetual inventory system, and there are 7,400 units of the item on hand at the end of the year. This information has...

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...

Question

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

Solutions

Expert Solution

Related Solutions

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...

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...

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...

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...

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...