FIFO and LIFO Costs Under Perpetual Inventory System

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

Beginning inventory	28 units at $40
Sale	7 units at $56
First purchase	38 units at $43
Sale	38 units at $58
Second purchase	27 units at $44
Sale	39 units at $60

The firm uses the perpetual inventory system, and there are 9 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?