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What is the total cost of the ending inventory

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Reference no: EM133069160

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?

Reference no: EM133069160

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