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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

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 26 units at $49
Sale 22 units at $74
First purchase 37 units at $52
Sale 29 units at $75
Second purchase 29 units at $53
Sale 20 units at $77
The firm uses the perpetual inventory system, and there are 21 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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