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FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were...

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FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 25 units at $14 Sale 16 units at $70 First purchase 22 units at $47 Sale 5 units at $72 Second purchase 24 units at $48 Sale 25 units at $72 The 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 FIFO? b. What is the total cost of the ending Inventory according to UFO? Oh My Work 5 more Check Workeremaining Previous Next 12:22 PM 10/21/2020

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