Ex.06.07
FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
| Beginning inventory | 8,100 units at $180 |
| Sale | 5,300 units at $300 |
| First purchase | 15,000 units at $185 |
| Sale | 13,000 units at $300 |
| Second purchase | 16,000 units at $192 |
| Sale | 14,000 units at $300 |
The firm uses the perpetual inventory system, and there are 6,800 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?
$
Homework Answers
a) 1,305,600
b) 1,258,000
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 29 units at $43 Sale 16 units at $60 First purchase 29 units at $45 13 units at $60 Second purchase 30 units at $47 Sale 32 units at $61 The firm uses the perpetual inventory system, and there are 27 units of the item on hand at the end of the year. a. What is the...
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: 26 units at $49 Beginning inventory Sale First purchase Sale Second purchase Sale 18 units at $78 39 units at $52 35 units at $80 24 units at $54 21 units at $80 The firm uses the perpetual inventory system, and there are 15 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 31 units at $41 Sale 12 units at $59 First purchase 25 units at $42 Sale 7 units at $60 Second purchase 28 units at $45 Sale 30 units at $62 The firm uses the perpetual inventory system, and there are 35 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 35 units at $47 Sale 21 units at $68 First purchase 33 units at $49 Sale 9 units at $68 Second purchase 22 units at $50 Sale 16 units at $68 The firm uses the perpetual inventory system, and there are 44 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 23 units at $43 Sale 16 units at $60 First purchase 28 units at $46 Sale 23 units at $61 Second purchase 19 units at $48 Sale 20 units at $62 The firm uses the perpetual inventory system, and there are 11 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 31 units at $44 Sale 23 units at $66 First purchase 24 units at $47 Sale 17 units at $66 Second purchase 30 units at $49 Sale 19 units at $68 The firm uses the perpetual inventory system, and there are 26 units of the item on hand at the end of the year. a. What is...
eBook Show Me How Calculator FIFO and LIFO Costs Under Perpetual Inventory System The following units...
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...
pls answer for B and show work The following units of an item were available for...
pls answer for B and show work
The following units of an item were available for sale during the year: Beginning inventory 48,000 units @ $50 Sale 36,425 units @ $73 First purchase 16,000 units @ $52 Sale 23,241 units @ $74 Second purchase 25,000 units @ $53 Sale 26,526 units @ $74 The firm uses the perpetual inventory system, and there are 2,808 units of the item on hand at the end of the year. a. What is the...
The following units of an item were available for sale during the year: Beginning inventory 45...
The following units of an item were available for sale during the year: Beginning inventory 45 units at $44 Sale 42 units at $64 First purchase 23 units at $45 Sale 10 units at $66 Second purchase 26 units at $48 Sale 22 units at $67 The firm uses the perpetual inventory system, and there are 20 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according...
The following units of an item were available for sale during the year: Beginning inventory 41...
The following units of an item were available for sale during the year: Beginning inventory 41 units at $45 Sale 15 units at $63 First purchase 24 units at $46 Sale 7 units at $63 Second purchase 30 units at $49 Sale 21 units at $63 The firm uses the perpetual inventory system, and there are 52 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 29 units at $43 Sale 16 units at $60 First purchase 29 units at $45 13 units at $60 Second purchase 30 units at $47 Sale 32 units at $61 The firm uses the perpetual inventory system, and there are 27 units of the item on hand at the end of the year. a. What is the...
FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: 26 units at $49 Beginning inventory Sale First purchase Sale Second purchase Sale 18 units at $78 39 units at $52 35 units at $80 24 units at $54 21 units at $80 The firm uses the perpetual inventory system, and there are 15 units of the item on hand at the end of the year. a. What is...
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...
pls answer for B and show work
The following units of an item were available for sale during the year: Beginning inventory 48,000 units @ $50 Sale 36,425 units @ $73 First purchase 16,000 units @ $52 Sale 23,241 units @ $74 Second purchase 25,000 units @ $53 Sale 26,526 units @ $74 The firm uses the perpetual inventory system, and there are 2,808 units of the item on hand at the end of the year. a. What is the...
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