Question

eBook Show Me How Calculator FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory Sale First purchase Sale 50 units at $49 45 units at $78 24 units at $51 12 units at $80 19 units at $53 17 units at $82 Second purchase Sale The firm uses the perpetual Inventory system, and there are 19 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?

Answer 1

a) The total cost of ending inventory according to FIFO $1007 and per unit price is $53

b) The total cost of ending inventory according to LIFO is $106 and per unit $ 53

For more details please see in attached image.
(Under LEDGER ACCOUNT Base slock through LIFO methode) STORE . Issue Receipts luonthy Value I Balance Quantity - $ o value Quantity Price ue Quantity & 49 49 245 45 78 245 1 1224 241 49 5! NÃn Grufurnar 753 11007 51 53 2417 612 1007 245 612 10 لے لیا گیا E REDMI NOTE 8 AI QUAD CAMERA

STORE LEDGER ACCOUNT Date Receipts Quantity alue Quantity | 45 (Under Base Stock through FIFO mother - Balance Issue Price Price Value Quantity & $ $ 50 149 2450 15 13510 49 1245 49 245 51 | 1224 80 351 867 51 867 53 1007 11394 53 f 1007 78 1224 - & on snd. en la 1007 5 to T 82