Reference no: EM133071958
Question - FIFO and LIFO costs under perpetual inventory system - The following units of an item were available for sale during the year:
Beginning inventory 8,300 units at $180
Sale 5,700 units at $300
First purchase 14,600 units at $183
Sale 13,300 units at $300
Second purchase 15,100 units at $187
Sale 13,800 units at $300
The firm uses the perpetual inventory system, and there are 5,200 units of the item on hand at the end of the year.
This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.
Required -
1. What is the total cost of the ending inventory according to FIFO?
2. What is the total cost of the ending inventory according to LIFO?
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