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<blockquote data-quote="KelliS" data-source="post: 1632386" data-attributes="member: 281414">were available for sale during the? year:Begining Inventory--24 units at $46sale--15 units at $64first purchase--35 units at $49sale--36 units at $65second purchase--17 units at $51sale--17 units at $67The firm uses the perpetual inventory system and there are 8 units of the item on hand at the end of the year.1. What are the following amounts according to FIFO?--nUMBER OF UNITS SOLD??--Total Sales??--Total cost of merchandise sold??--Gross Profit??--Number of units in ending inventory??--Value of ending inventory??2. According to LIFO what are the following amounts??---nUMBER OF UNITS SOLD??--Total Sales??--Total cost of merchandise sold??--Gross Profit??--Number of units in ending inventory??--Value of ending inventory??</blockquote>

[QUOTE="KelliS, post: 1632386, member: 281414"] were available for sale during the? year: Begining Inventory--24 units at $46 sale--15 units at $64 first purchase--35 units at $49 sale--36 units at $65 second purchase--17 units at $51 sale--17 units at $67 The firm uses the perpetual inventory system and there are 8 units of the item on hand at the end of the year. 1. What are the following amounts according to FIFO? --nUMBER OF UNITS SOLD?? --Total Sales?? --Total cost of merchandise sold?? --Gross Profit?? --Number of units in ending inventory?? --Value of ending inventory?? 2. According to LIFO what are the following amounts?? ---nUMBER OF UNITS SOLD?? --Total Sales?? --Total cost of merchandise sold?? --Gross Profit?? --Number of units in ending inventory?? --Value of ending inventory?? [/QUOTE]

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