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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 42 units at $50
Sale 39 units at $78
First purchase 28 units at $52
Sale 23 units at $80
Second purchase 13 units at $55
Sale 12 units at $80
The firm uses the perpetual inventory system, and there are 9 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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