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

$8,200$ units at $$160$

$5,300$ units at $$290$

$15,200$ units at $$165$

$13,200$ units at $$290$

$16,200$ units at $$171$

$14,200$ units at $$290$

The firm uses the perpetual inventory system, and there are $6,900$ units of the item on hand at the end of the year.

This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below.

Open spreadsheet

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?