FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory 42 units @ $43

Sale 22 units @ $60

First purchase 25 units @ $45

Sale 30 units @ $60

Second purchase 24 units @ $46

Sale 17 units @ $62

The firm uses the perpetual inventory system, and there are 22 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? $ _________________