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Question - FIFO and LIFO Costs Under Perpetual Inventory System
The following units of an item were available for sale during the year:
Beginning inventory 27 units at $45
Sale 24 units at $72
First purchase 32 units at $48
Sale 27 units at $74
Second purchase 24 units at $50
Sale 9 units at $74
The firm uses the perpetual inventory system, and there are 23 units of the item on hand at the end of the year.
Required -
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?
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