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Bizhelp
Bizhelp, CPA
Category: Single Problem
Satisfied Customers: 5884
Experience:  BA degree and Certified Public Accountant
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I have an accounting question. Need help. FIFO and LIFO

Customer Question

I have an accounting question. Need help.
JA: Thanks. Can you give me any more details about your issue?
Customer: FIFO and LIFO Costs Under Perpetual Inventory SystemThe following units of a particular item were available for sale during the year:Beginning inventory 31 units @ $41Sale 23 units @ $64First purchase 25 units @ $43Sale 14 units @ $65Second purchase 16 units @ $46Sale 10 units @ $67The firm uses the perpetual inventory system, and there are 25 units of the item on hand at the end of the year.a. What is the total cost of the ending inventory according to LIFO?
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Submitted: 9 months ago.
Category: Single Problem
Expert:  Bizhelp replied 9 months ago.

Hi,

Thanks for your question.

(31-23) x $41 = 8 x 41 = $328

+ (25-14) x $43 = 11 x 43 = $473

+ (16-10) x $46 = 6 x 46 = $276

=$1,077 total cost of ending inventory according to LIFO

Hope this helps!

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