FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 45 units at $50 Sale 37 units at $75 First purchase 26 units at $53 Sale 25 units at $76 Second purchase 23 units at $54 Sale 21 units at $78 The firm uses the perpetual inventory system, and there are 11 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? 2,728 X b. What is the total cost of the ending inventory according to LIFO? 1,398 X

FIFO and UFO Costs Under Perpetual Inventory System The following units of an item were avallable for sale during the year: The firm uses the perpetual inventory system, and there are 11 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? X b. What is the total cost of the ending inventory according to LIFO