X y?,\'cengageNowv2lOnline × DeAnza College. Topsmx VS MyPortal / Foothill-De A
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X y?,'cengageNowv2lOnline × DeAnza College. Topsmx VS MyPortal / Foothill-De A X ow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator-assi; eBook Show Me How Calculator FIFO and LIFO Costs Under Perpetual Inventory Systemm The following units of an item were available for sale during the year: 22 units $49 17 units $71 30 units $51 19 units $72 29 units $52 17 units @ $72 Beginning inventory Sale First purchase Sale Second purchase Sale The firm uses the perpetual inventory system, and there are 28 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?Explanation / Answer
(a)Total Cost of Ending Inventory according to FIFO = $1,456
FIFO Method Inventory Schedule
Date
Qty Purchased
Unit Cost
Total Cost
Qty Sold
Unit cost
Cost of goods sold
Ending Inv.Qty
Unit Cost
Total Inventory
Beginning
Inventory
22
49
1078
Sale
17
49
833
5
49
245
First purchase
30
51
1530
5
49
245
30
51
1530
Sale
5
49
245
16
51
816
14
51
714
Second Purchase
29
52
1508
16
51
816
29
52
1508
Sale
16
51
816
28
52
1456
1
52
52
TOTAL
28
52
1456
“Ending Inventory according to FIFO = $1,456 “
(b)Total Cost of Ending Inventory according to LIFO = $1,430
LIFO Method Inventory Schedule
Date
Qty Purchased
Unit Cost
Total Cost
Qty Sold
Unit cost
Cost of goods sold
Ending Inv.Qty
Unit Cost
Total Inventory
Beginning
Inventory
22
49
1078
Sale
17
49
833
5
49
245
First purchase
30
51
1530
5
49
245
30
51
1530
Sale
19
51
969
5
49
245
11
51
561
Second Purchase
29
52
1508
5
49
245
11
51
561
29
52
1508
Sale
17
52
884
5
49
245
11
51
561
12
52
624
TOTAL
28
1430
“ Ending Inventory according to LIFO = $1,430 “
Date
Qty Purchased
Unit Cost
Total Cost
Qty Sold
Unit cost
Cost of goods sold
Ending Inv.Qty
Unit Cost
Total Inventory
Beginning
Inventory
22
49
1078
Sale
17
49
833
5
49
245
First purchase
30
51
1530
5
49
245
30
51
1530
Sale
5
49
245
16
51
816
14
51
714
Second Purchase
29
52
1508
16
51
816
29
52
1508
Sale
16
51
816
28
52
1456
1
52
52
TOTAL
28
52
1456
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