FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory

Sale

First purchase

Sale

Second purchase

Sale

$21,000$ units @ $$40$

$2,479$ units @ $$60$

$31,000$ units @ $$41$

$30,348$ units @ $$60$

$28,000$ units @ $$44$

$23,185$ units @ $$62$

The firm uses the perpetual inventory system, and there are $23,988$ 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?