The following units of an item were available for sale during the year: Beginning inventory 48 units at $45 Sale 43 units at $63 First purchase 34 units at $48 Sale 23 units at $63 Second purchase 30 units at $51 Sale 28 units at $65 The firm uses the perpetual inventory system, and there are 18 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? 918 ✓ b. What is the total cost of the ending inventory according to LIFO? 805.00 X

The following units of an item were available for sale during the year: Beginning inventory 48 units at $45 Sale 43 units at $63 First purchase 34 units at $48 Sale 23 units at $63 Second purchase 30 units at $51 Sale 28 units at $65 The firm uses the perpetual inventory system, and there are 18 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? 918 ✓ b. What is the total cost of the ending inventory according to LIFO? 805.00 X

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Description: A please eBookFIFO and LIFO costs under perpetual inventory systemThe following units of an item were available for sale during the year:Beginning inventory48 units at $45Sale43 units at $63First purchase34 units at $48Sale23 units at $63Second purch

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 12RE: Carla Company uses the perpetual inventory system. The following information is available for...

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