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FIFO and LIFO Costs Under Perpetual Inventory System The following units of a particular item were...

FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory 49 units @ $42
Sale 39 units @ $67
First purchase 33 units @ $45
Sale 30 units @ $69
Second purchase 20 units @ $47
Sale 17 units @ $70

The firm uses the perpetual inventory system, and there are 16 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?
$

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Expert Solution

ekkarill92 answered 1 year ago
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