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a. What is the total cost of the ending inventory according to FIFO? $fill in the blank 1 b. What is the total cost of

a. What is the total cost of the ending inventory according to FIFO? $fill in the blank 1

b. What is the total cost of the ending inventory according to LIFO? $fill in the blank 2 image text in transcribed

FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: 35 units at $50 27 units at $80 Beginning inventory Sale First purchase Sale 27 units at $53 23 units at $80 Second purchase 22 units at $56 Sale 20 units at $82 The firm uses the perpetual inventory system, and there are 14 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 LIFO

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