Kieso, Intermediate Accounting, 16e CALCULATOR ACCT 3001 Intermediate A STANDARD

Question

Kieso, Intermediate Accounting, 16e CALCULATOR ACCT 3001 Intermediate A STANDARD VIEW PRINTER VERSION (BACK NEXT CES Exercise 8-14 (Part Level Submission) The following is a record of Kingbird Company's transactions for Boston Teapots for the month of May 2017. art May 1 Balance 408 units $20 May 10 Sale 306 units @ $41 12 Purchase 612 units $26 28 Purchase 408 units $32 20 Sale 551 units $41 ? (a) [ Your answer is incorrect. Try again Assuming that perpetual inventories are not maintained and that a physical count at the end of the month shows 571 units on hand, what is the cost of the ending inventory using (1) FIFO and (2) LIFO? udy FIFO LIFO Ending Inventory 24730 19834 LINK TO TEXT Attempts: 2 of 3 used SAVE FOR LATER ? SUEHITANSHER

Explanation / Answer

Ending inventory : FIFO 17294 =(408*32)+(163*26) LIFO 12398 =(408*20)+(163*26)

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