What is total cost of the ending inventory according to fifo

Assignment Help Financial Accounting

Reference no: EM13140993

FIFO, LIFO costs under perpetual inventory system

The following units of a particular item were available for sale during the year:

Beginning inventory 28 units @ $41
Sale 12 units @ $62
First purchase 17 units @ $43
Sale 9 units @ $63
Second purchase 17 units @ $45
Sale 7 units @ $63

The firm uses the perpetual inventory system, and there are 34 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?

Reference no: EM13140993

Questions Cloud

Prepare a bond discount amortization schedule : Prepare a bond discount amortization schedule which shows the amortization of discount for the first two interest payment dates. (Round to the nearest dollar.)

Calculate the amount of heat required : Calculate the amount of heat required to completely sublime 53.0 g of solid dry ice CO_2 at its sublimation temperature. The heat of sublimation for carbon dioxide is 32.3

Compute amount of gross profit to be recognized : Compute amount of gross profit to be recognized from the installment sale in 2009, 2010, 2011, 2012, and 2013 using point of delivery revenue recognition. Ignore interest charges.

Determine the book value of the division assets : The pretax operating income of the division during 2011 was $4 million. Pretax income from continuing operations for the year totaled $14 million. The income tax rate is 40%. Ziltech reported net income for the year of $7.2 million. Determine the ..

What is total cost of the ending inventory according to fifo : The firm uses the perpetual inventory system, and there are 34 units of the item on hand at the end of the year.. What is total cost of the ending inventory according to FIFO?

How many kilograms of nh3 will be produced : How many kilograms of NH3 will be produced when 25.0 kg of CaCN2 react with excess water?

Swot the novel five people we meet in heaven : what are your thoughts about the strenght and weaknesses of the novel Five People We Meet in Heaven

What is wrong with accountant computations : What is wrong with the accountant's computations? How can the information be presented in a better format for the president?

Calculate the empirical formula of this compound : A compound is analyzed and found to contain 12.1% carbon, 16.2% oxygen, and 71.7% chlorine (by mass). Calculate the empirical formula of this compound.

User Account

All Pages