FIFO and LIFO costs under perpetual inventory system
The following units of an item were available for sale during the year:
Line Item Description Units and Cost
Beginning inventory 25 units at $43Sale 22 units at $67
First purchase 24 units at $46Sale 6 units at $68
Second purchase 27 units at $48Sale 26 units at $68
The firm uses the perpetual inventory system, and there are 22 units of the item on hand at the end of the year.
a. What is the total cost of the ending inventory according to FIFO?
fill in the blank 1 of 2$b. What is the total cost of the ending inventory according to LIFO?fill in the blank 2 of 2$
Mathbot Says...
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