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Neo, Bachelor's Degree
Category: Single Problem
Satisfied Customers: 12025
Experience:  BS Accounting
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# FOR NEO, Calculate the cost of each individual sale separately

### Resolved Question:

FOR NEO,

Calculate the cost of each individual sale separately using LIFO procedures. The firm uses the perpetual inventory system, and there are 52 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to FIFO and according to LIFO?

FIFO and LIFO costs under perpetual inventory system

The following units of a particular item were available for sale during the year:
Beginning Inventory 36 units at \$400
Sale 24 units at \$1,000
First Purchase 80 units at \$420
Sale 60 units at 1,000
Second Purchase 77 units at \$440
Sale 55 units at \$1,000
Submitted: 1 month ago.
Category: Single Problem
Expert:  Neo replied 1 month ago.
Good day!

Please check the data you gave. I think there's something off.

Also, please let me know the title, edition and name of the authors of the book you are using.

By the way, please do not forget to give positive rating on the last question I answered.

Thank you so much! :)

Customer: replied 1 month ago.

I'm using Accounting 1&2, Warren, Reeve, Duchac 25th ed.

Second purchase is 75 units at \$440 not 77 units.

There is a green side note to the left of the question with a check mark b. \$22,000. I'm not sure what other information you need, but I will keep looking.

Expert:  Neo replied 1 month ago.

Please give postive ratings so I may be compensated for helping you.

Thank you so much! :)
Neo, Bachelor's Degree
Category: Single Problem
Satisfied Customers: 12025
Experience: BS Accounting
Customer: replied 1 month ago.

Did this include the calculation of the cost of each individual sale separately using LIFO procedures? Thank you for your help!

Expert:  Neo replied 1 month ago.
Yes it does. It is in the "Sales" column.

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