During June, the following changes in inventory item 27 took place:

June1Balance1,400 units @ $36

14Purchased800 units @ $54

24Purchased700 units @ $45

8Sold400 units @ $75

10Sold1,000 units @ $60

29Sold500 units @ $66

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.