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FIFO and LIFO costs under perpetual inventory system

The following units of an item were available for sale during the year:

Beginning inventory

$27$ units at $$46$

Sale

$24$ units at $$69$

First purchase

$34$ units at $$47$

Sale

$30$ units at $$70$

Second purchase

$28$ units at $$48$

Sale

$21$ units at $$72$

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?

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b$.$ What is the total cost of the ending inventory according to LIFO?

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a$.$ Note that this exercise uses the perpetual inventory system. FIFO means that the first units purchased are as ending inventory is made up of the most recent purchases. Think of your inventory in terms of "layers". The first