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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 43,000 units

FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory 43,000 units @ $49
Sale 11,436 units @ $74
First purchase 18,000 units @ $50
Sale 38,539 units @ $74
Second purchase 22,000 units @ $53
Sale 32,656 units @ $76

The firm uses the perpetual inventory system, and there are 369 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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