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