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Fifo/lifo
The following units of a particular item were available for sale during the year:
Beginning Inventory 150 units @ $75 Sale 120 units @ $125 First Purchase 400 units @ $78 Sale 200 units @ $125 Second Purchase 300 units @ $80 Sale 290 units @ $125 The firm uses the perpetual inventory system, and there are 240 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? Not sure how to work out please help, if answered an explanation as to how would be appreciated! Thank You! |
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