Question

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 20 units @ $44
Sale 7 units @ $62
First purchase 36 units @ $47
Sale 34 units @ $64
Second purchase 18 units @ $50
Sale 9 units @ $65

The firm uses the perpetual inventory system, and there are 24 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?
$fill in the blank 1

b. What is the total cost of the ending inventory according to LIFO?
$fill in the blank 2

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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: FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 25 units at $47 Sale 14 units at $71 First purchase 36 units at $50 Sale 35 units at $73 Second purchase 19 units at $51 Sale 14 units at $73 The firm uses the perpetual...
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 42 units at $49 Sale 36 units at $76 First purchase 32 units at $52 Sale 26 units at $76 Second purchase 15 units at $53 Sale 14 units at $76 The firm uses the perpetual inventory system, and there are 13 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 30 units at $48 Sale 25 units at $67 First purchase 38 units at $50 Sale 28 units at $67 Second purchase 20 units at $51 Sale 17 units at $68 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...
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 22 units @ $45 Sale 10 units @ $70 First purchase 31 units @ $46 Sale 23 units @ $72 Second purchase 26 units @ $48 Sale 22 units @ $74 The firm uses the perpetual inventory system, and there are 24 units of the item on hand at the end of the year. a. What is...
The following units of an item were available for sale during the year: Beginning inventory 20...
The following units of an item were available for sale during the year: Beginning inventory 20 units @ $42 Sale 17 units @ $61 First purchase 24 units @ $43 Sale 21 units @ $62 Second purchase 30 units @ $45 Sale 14 units @ $63 The firm uses the perpetual inventory system, and there are 22 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according...
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during...
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,200 units at $39 Apr. 19 Sale 2,300 units June 30 Purchase 4,500 units at $43 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,200 units at $47 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the...
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during...
Perpetual Inventory Using LIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 3,800 units at $40 Apr. 19 Sale 2,700 units June 30 Purchase 4,600 units at $44 Sept. 2 Sale 4,800 units Nov. 15 Purchase 1,800 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the...
Perpetual Inventory Using FIFO The following units of a particular item were available for sale during...
Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,100 units at $40 Apr. 19 Sale 2,500 units June 30 Purchase 4,400 units at $43 Sept. 2 Sale 5,100 units Nov. 15 Purchase 1,900 units at $47 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available...
Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Method. The units of an item available for sale during the year were as follows: Jan. 1 Inventory 9 units at $30 $270 Aug. 13 Purchase 20 units at $33 660 Nov. 30 Purchase 12 units at $34 408 Available for sale 41 units $1,338 There are 17 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a)...
Perpetual Inventory Using FIFO The following units of a particular item were available for sale during...
Perpetual Inventory Using FIFO The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 4,000 units at $40 Apr. 19 Sale 2,400 units June 30 Purchase 4,400 units at $45 Sept. 2 Sale 5,000 units Nov. 15 Purchase 2,100 units at $46 The firm maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT