FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory

$47$ units at $$49$

Sale

$37$ units at $$69$

First purchase

$31$ units at $$50$

Sale

$25$ units at $$69$

Second purchase

$30$ units at $$53$

Sale

$22$ units at $$69$

The firm uses the perpetual inventory system, and there are $24$ 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?

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