FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventony Sale First purchase Sale Second purchase Sale The firm uses the perpetual inventory system, and there are 15 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? 21 units at $44 6 units at $62 21 units at $47 9 units at $63 27 units at $49 39 units at $63 b. What is the total cost of the ending inventory according to LIFO? Periodic Inventory by Three Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory Feb. 17 Purchase ul. 21 Purchase Nov. 23 Purchase 16 units at $46 9 units at $48 9 units at $51 20 units at $52 There are 32 units of the item in the physical inventory at December 31. The periodic inventory system is used. Round average unit cost to one decimal and final answers to the nearest whole dollar, if required. a. Determine the inventory cost by the first-in, first-out method b. Determine the inventory cost by the last-in, first-out method. c. Determine the inventory cost by the weighted average cost method