2. FIFO and LIFO inventory methods. During June, the following changes in inventory item 27 took place: June 1 Balance 1,400 units @ $24 14 Purchased 800 units @ $36 24 Purchased 700 units @ $30 8 Sold 400 units @ $50 10 Sold 1,000 units @ $40 29 Sold 500 units @ $44 Perpetual inventories are maintained. Instructions What is the cost of the ending inventory for item 27 under the following methods? (Show calculations.) (a) FIFO. (b) LIFO.