FIFO and LIFO Costs Under Perpetual Inventory System

FIFO and LIFO Costs Under Perpetual Inventory System

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

Don't use plagiarized sources. Get Your Custom Essay on
FIFO and LIFO Costs Under Perpetual Inventory System
Just from $8 /Page 0r 300 words
Order Now
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.

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now

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?
$

Looking for a similar assignment? Get help from our qualified experts!

Order Now