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eBook Show Me How Question Content Area FIFO and LIFO costs under perpetual inventory system The following units of an item were available for sale

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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:
Line Item Description Units and Cost
Beginning inventory 44 units at $46
Sale 40 units at $64
First purchase 17 units at $48
Sale 16 units at $65
Second purchase 28 units at $51
Sale 19 units at $67
The firm uses the perpetual inventory system, and there are 14 units of the item on hand at the end of the year.
a. What is the total cost of the ending inventory according to FIFO?
fill in the blank 1 of 2$
b. What is the total cost of the ending inventory according to LIFO?
fill in the blank 2 of 2$

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