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

June 1 Balance 1,400 units @ $36

14 Purchased 800 units @ $54

24 Purchased 700 units @ $45

8 Sold 400 units @ $75

10 Sold 1,000 units @ $60

29 Sold 500 units @ $66

Perpetual inventories are maintained.

Instructions

What is the cost of the ending inventory for item 27 under the following methods? (Show calculations.) Make as simple as possible while being clear.

(a) FIFO.

(b) LIFO.